Form 8-K

8-K — DIGITAL REALTY TRUST, INC.

Accession: 0001104659-26-047702

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001297996

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — dlr-20260423x8k.htm (Primary)

EX-99.1 (dlr-20260423xex99d1.htm)

EX-99.2 (dlr-20260423xex99d2.htm)

GRAPHIC (dlr-20260423xex99d1001.jpg)

GRAPHIC (dlr-20260423xex99d1003.jpg)

GRAPHIC (dlr-20260423xex99d1005.jpg)

GRAPHIC (dlr-20260423xex99d1022.jpg)

GRAPHIC (dlr-20260423xex99d2g001.jpg)

GRAPHIC (dlr-20260423xex99d2g002.jpg)

GRAPHIC (dlr-20260423xex99d2g003.jpg)

GRAPHIC (dlr-20260423xex99d2g004.jpg)

GRAPHIC (dlr-20260423xex99d2g005.jpg)

GRAPHIC (dlr-20260423xex99d2g006.jpg)

GRAPHIC (dlr-20260423xex99d2g007.jpg)

GRAPHIC (dlr-20260423xex99d2g008.jpg)

GRAPHIC (dlr-20260423xex99d2g009.jpg)

GRAPHIC (dlr-20260423xex99d2g010.jpg)

GRAPHIC (dlr-20260423xex99d2g011.jpg)

GRAPHIC (dlr-20260423xex99d2g012.jpg)

GRAPHIC (dlr-20260423xex99d2g013.jpg)

GRAPHIC (dlr-20260423xex99d2g014.jpg)

GRAPHIC (dlr-20260423xex99d2g015.jpg)

GRAPHIC (dlr-20260423xex99d2g016.jpg)

GRAPHIC (dlr-20260423xex99d2g017.jpg)

GRAPHIC (dlr-20260423xex99d2g018.jpg)

GRAPHIC (dlr-20260423xex99d2g019.jpg)

GRAPHIC (dlr-20260423xex99d2g020.jpg)

GRAPHIC (dlr-20260423xex99d2g021.jpg)

GRAPHIC (dlr-20260423xex99d2g022.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: dlr-20260423x8k.htm · Sequence: 1

DIGITAL REALTY TRUST, INC._April 23, 2026

0001297996false0001297996us-gaap:CommonStockMember2026-04-232026-04-230001297996dlr:SeriesLPreferredStockMember2026-04-232026-04-230001297996dlr:SeriesKPreferredStockMember2026-04-232026-04-230001297996dlr:SeriesJPreferredStockMember2026-04-232026-04-2300012979962026-04-232026-04-23

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

​

Date of Report (Date of earliest event reported): April 23, 2026

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

​

​

​

​

Maryland

001-32336

26-0081711

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

​

​

​

601 West 2nd Street, Floor 32

Austin, Texas

78701

(Address of principal executive offices)

(Zip Code)

​

(737) 281-0101

(Registrant’s telephone number, including area code)

​

2323 Bryan Street, Suite 1800 Dallas, Texas 75201

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

​

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

​

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

​

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

​

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Securities registered pursuant to Section 12(b) of the Act:

​

​

​

​

Title of each class

Trading

symbol(s)

Name of each exchange on

which registered

Common Stock

DLR

New York Stock Exchange

Series J Cumulative Redeemable Preferred Stock

DLR Pr J

New York Stock Exchange

Series K Cumulative Redeemable Preferred Stock

DLR Pr K

New York Stock Exchange

Series L Cumulative Redeemable Preferred Stock

DLR Pr L

New York Stock Exchange

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

​

​

​

​

​

Emerging growth company ☐

​

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

​

​

​

Item 2.02 Results of Operations and Financial Condition.

The information in this Item 2.02 of this Current Report on Form 8-K is also being furnished under Item 7.01 “Regulation FD Disclosure” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act regardless of any general incorporation language in such filing.

On April 23, 2026, we issued a press release announcing our financial results for the quarter ended March 31, 2026. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On April 23, 2026, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

The information in this Item 7.01 of this Current Report on Form 8-K is also being furnished under Item 2.02 “Results of Operations and Financial Condition” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

On April 23, 2026, we issued a press release announcing our financial results for the quarter ended March 31, 2026. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On April 23, 2026, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

​

​

​

​

​

​

​

​

Exhibit No.

​ ​ ​

Description

​

​

​

99.1

​

Earnings Press Release and Supplemental Information for the Quarter Ended March 31, 2026.

99.2

​

Presentation Materials posted April 23, 2026.

104

​

Cover Page Interactive Data File (embedded within the Inline XBRL document)

​

​

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

EANNIE

​

​

​

Digital Realty Trust, Inc.

​

By:

/s/    JEANNIE LEE

​

​

Jeannie Lee

​

​

Executive Vice President, General Counsel and Secretary

​

​

Date: April 23, 2026

​

​

​

​

​

​

EX-99.1

EX-99.1

Filename: dlr-20260423xex99d1.htm · Sequence: 2

Table of Contents

Exhibit 99.1

​

​

​

Table of Contents

​

Financial Supplement

Table of Contents

​

First Quarter 2026

​

​

​

Overview

PAGE

​

​

Corporate Information

3

​

​

Key Quarterly Financial Data

5

​

​

Consolidated Statements of Operations

​

​

​

Earnings Release

7

​

​

2026 Outlook

10

​

​

Consolidated Quarterly Statements of Operations

12

​

​

Funds From Operations and Core Funds From Operations

13

​

​

Adjusted Funds From Operations

14

​

​

Balance Sheet Information

​

​

​

Consolidated Balance Sheets

15

​

​

Components of Net Asset Value

16

​

​

Debt Maturities

17

​

​

Internal Growth

​

​

​

Same-Capital Operating Trend Summary

18

​

​

Summary of Leasing Activity - Signed and Renewed

19

​

​

Lease Expirations - By Size

20

​

​

Top 20 Customers by Annualized Rent

21

​

​

Occupancy Analysis

22

​

​

External Growth

​

​

​

Development Lifecycle

23

​

​

Historical Capital Expenditures and Investments in Real Estate

24

​

​

Acquisitions / Dispositions / Joint Ventures

25

​

​

Unconsolidated Entities

26

​

​

Additional Information

​

​

​

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios

27

​

​

Management Statements on Non-GAAP Measures

28

​

​

Forward-Looking Statements

30

​

​

​

​

Table of Contents

​

Financial Supplement

Corporate Information

​

First Quarter 2026

​

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2026, the company’s 309 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 3.0 gigawatts of IT capacity, as well as approximately 6.3 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.

​

​

​

Corporate Headquarters

601 W 2nd St., 32nd Floor

Austin, TX

(737) 281-0101

digitalrealty.com

Senior Management

President & Chief Executive Officer: Andrew P. Power

Chief Financial Officer: Matthew R. Mercier

Chief Investment Officer: Gregory S. Wright

Chief Technology Officer: Christopher L. Sharp

Chief Revenue Officer: Colin M. McLean

​

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com.

​

Analyst Coverage

BMO

​

​

​

​

​ ​ ​

​

​ ​

BMO Capital

​ ​

BNP Paribas

​ ​

​

​ ​

​

​ ​

​

Barclays

​

Bernstein

​

Markets

​

Exane

​

BofA Securities

​

Cantor

​

Citigroup

Brendan Lynch

​

Madison Rezaei

​

Ari Klein

​

Nate Crossett

​

Michael Funk

​

Brett Knoblauch

​

Michael Rollins

​

​

​

​

​

​

​

​

​

​

​

​

​

Citizens JMP

​

Deutsche Bank

​

Evercore ISI

​

Goldman Sachs

​

Green Street Advisors

​

Guggenheim

​

HSBC

Greg Miller

​

Benjamin Soff

​

Irvin Liu

​

Michael Ng

​

David Guarino

​

Joseph Osha

​

Phani Kanumuri

​

​

​

​

​

​

​

​

​

​

​

​

​

Jefferies

​

J.P. Morgan

​

KeyBanc

​

Mizuho Group

​

MoffettNathanson

​

Morgan Stanley

​

Oppenheimer

Jonathan Petersen

​

Richard Choe

​

Brandon Nispel

​

Vikram Malhotra

​

Nick Del Deo

​

Cameron McVeigh

​

Timothy Horan

​

​

​

​

​

​

​

​

​

​

​

​

​

Raymond James

​

RBC Capital Markets

​

Scotiabank

​

Stifel

​

TD Cowen

​

Truist Securities

​

UBS

Frank Louthan

​

Jonathan Atkin

​

Maher Yaghi

​

Erik Rasmussen

​

Michael Elias

​

Matthew Niknam

​

John Hodulik

​

​

​

​

​

​

​

​

​

​

​

​

​

Wells Fargo

​

Wolfe Research

​

​

​

​

​

​

​

​

​

​

Eric Luebchow

​

Andrew Rosivach

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com.

Upcoming Conference Schedule

​

​

​

May 19, 2026

JP Morgan’s 2026 Global Technology, Media and Communications Conference

Boston, MA

May 20, 2026

Kempen European Real Estate Seminar

Amsterdam, NL

June 2 - 3, 2026

Nareit REITweek: 2026 Conference

New York City, NY

​

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.

3

Table of Contents

​

Financial Supplement

Corporate Information (Continued)

​

First Quarter 2026

​

Stock Listing Information

The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:

Common Stock:

​

DLR

Series J Preferred Stock:

​

DLRPRJ

Series K Preferred Stock:

​

DLRPRK

Series L Preferred Stock:

​

DLRPRL

​

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poor’s

​

​

​

Corporate Credit Rating:

​

BBB+

(Stable Outlook)

Preferred Stock:

​

BBB-

​

​

​

​

​

Moody’s

​

​

​

Issuer Rating:

​

Baa2

(Positive Outlook)

Preferred Stock:

​

Baa3

​

​

​

​

​

Fitch

​

​

​

Issuer Default Rating:

​

BBB

(Stable Outlook)

Preferred Stock:

​

BB+

​

​

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

​

Common Stock Price Performance

The following summarizes recent activity of Digital Realty’s common stock (DLR):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

31-Mar-26

​

31-Dec-25

​

30-Sep-25

​

30-Jun-25

​

31-Mar-25

​

High price

​

$184.79

​

$182.48

​

$182.00

​

$178.85

​

$187.74

Low price

​ ​

​

$151.50

​ ​

​

$146.23

​ ​

​

$159.22

​ ​

​

$129.95

​ ​

​

$139.27

​

Closing price, end of quarter

​

​

$180.21

​

​

$154.71

​

​

$172.88

​

​

$174.33

​

​

$143.29

​

Average daily trading volume (1)

​

​

2,060

​

​

1,826

​

​

1,520

​

​

2,034

​

​

2,529

​

Indicated dividend per common share (2)

​

​

$4.88

​

​

$4.88

​

​

$4.88

​

​

$4.88

​

​

$4.88

​

Closing annual dividend yield, end of quarter

​

​

2.7%

​

​

3.2%

​

​

2.8%

​

​

2.8%

​

​

3.4%

​

Shares and units outstanding, end of quarter (1) (3)

​

​

355,217

​

​

349,746

​

​

349,244

​

​

346,644

​

​

343,092

​

Closing market value of shares and units outstanding (4)

​

​

$64,013,656

​

​

$54,109,204

​

​

$60,377,303

​

​

$60,430,449

​

​

$49,161,653

​

​

(1) Shares or shares and units in thousands.

(2) On an annualized basis.

(3) As of March 31, 2026, the total number of shares and units includes 348,924 shares of common stock, 3,845 common units held by third parties and 2,448 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

(4) Dollars in thousands as of the end of the quarter.

​

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com.

​

​

​

4

Table of Contents

Key Quarterly Financial Data

Financial Supplement

Unaudited, Dollars (except per share data) in Thousands

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shares and Units at End of Quarter

​ ​ ​

31-Mar-26

​ ​ ​

31-Dec-25

​ ​ ​

30-Sep-25

​ ​ ​

30-Jun-25

​ ​ ​

31-Mar-25

Common shares outstanding

​

348,924

​

343,557

​

343,041

​

340,372

​

336,743

Common partnership units outstanding

​

6,293

​

6,189

​

6,203

​

6,272

​

6,349

Total Shares and Units

​

355,217

​

349,746

​

349,244

​

346,644

​

343,092

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Enterprise Value

​

​

​

​

​

​

​

​

​

​

Market value of common equity (1)

​

​

$64,013,656

​

​

$54,109,204

​

​

$60,377,303

​

​

$60,430,449

​

​

$49,161,653

Liquidation value of preferred equity

​

755,000

​

755,000

​

755,000

​

755,000

​

755,000

Total debt at balance sheet carrying value

​

17,996,633

​

18,402,135

​

18,225,434

​

18,452,148

​

17,016,279

Total Enterprise Value

​

​

$82,765,289

​

​

$73,266,339

​

​

$79,357,737

​

​

$79,637,597

​

​

$66,932,932

Total debt / total enterprise value

​

21.7%

​

25.1%

​

23.0%

​

23.2%

​

25.4%

Debt-plus-preferred-to-total-enterprise-value

​

​

22.7%

​

​

26.1%

​

​

23.9%

​

​

24.1%

​

​

26.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Selected Balance Sheet Data

​

​

​

​

​

​

​

​

​

​

Investments in real estate (before depreciation)

​

​

$40,751,409

​

​

$39,855,116

​

​

$39,374,646

​

​

$38,613,260

​

​

$35,693,166

Total Assets

​

48,859,973

​

49,410,468

​

48,728,634

​

48,714,995

​

45,080,562

Total Liabilities

​

23,462,959

​

24,564,494

​

23,739,412

​

23,853,149

​

21,902,406

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Selected Operating Data

​

​

​

​

​

​

​

​

​

​

Total operating revenues

​

​

$1,635,173

​

​

$1,634,671

​

​

$1,577,234

​

​

$1,493,150

​

​

$1,407,637

Total operating expenses

​

1,368,240

​

1,522,047

​

1,438,813

​

1,281,453

​

1,211,887

Net income

​

174,804

​

96,111

​

63,713

​

1,046,946

​

106,395

Net income / (loss) available to common stockholders

​

169,093

​

88,466

​

57,631

​

1,021,975

​

99,793

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Ratios

​

​

​

​

​

​

​

​

​

​

EBITDA (2)

​

​

$805,115

​

​

$688,758

​

​

$679,912

​

​

$1,605,408

​

​

$658,400

Adjusted EBITDA (3)

​

920,307

​

856,836

​

867,807

​

823,319

​

791,156

Net Debt-to-Adjusted EBITDA (4)

​

4.7x

​

4.9x

​

4.9x

​

5.1x

​

5.1x

Interest expense

​

116,384

​

116,516

​

113,584

​

109,383

​

98,464

Fixed charges (5)

​

162,202

​

161,479

​

156,687

​

148,957

​

138,739

Interest coverage ratio (6)

​

5.2x

​

4.8x

​

4.9x

​

5.0x

​

5.3x

Fixed charge coverage ratio (7)

​

4.9x

​

4.5x

​

4.6x

​

4.7x

​

4.9x

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Profitability Measures

​

​

​

​

​

​

​

​

​

​

Net income / (loss) per common share - basic

​

​

$0.49

​

​

$0.26

​

​

$0.17

​

​

$3.03

​

​

$0.30

Net income / (loss) per common share - diluted

​

​

$0.46

​

​

$0.24

​

​

$0.15

​

​

$2.94

​

​

$0.27

Funds from operations (FFO) / diluted share and unit (8)

​

​

$1.99

​

​

$1.89

​

​

$1.65

​

​

$1.75

​

​

$1.67

Core funds from operations (Core FFO) / diluted share and unit (8)

​

​

$2.04

​

​

$1.86

​

​

$1.89

​

​

$1.87

​

​

$1.77

Adjusted funds from operations (AFFO) / diluted share and unit (9)

​

​

$1.92

​

​

$1.34

​

​

$1.76

​

​

$1.68

​

​

$1.78

Dividends per share and common unit

​

​

$1.22

​

​

$1.22

​

​

$1.22

​

​

$1.22

​

​

$1.22

Diluted FFO payout ratio (8) (10)

​

61.2%

​

64.5%

​

73.8%

​

69.6%

​

73.2%

Diluted Core FFO payout ratio (8) (10)

​

59.9%

​

65.6%

​

64.7%

​

65.2%

​

68.8%

Diluted AFFO payout ratio (9) (10)

​

63.6%

​

90.9%

​

69.2%

​

72.8%

​

68.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Portfolio Statistics

​

​

​

​

​

​

​

​

​

​

Data Centers (11)

​

309

​

310

​

311

​

310

​

308

Cross-connects (11) (12)

​

234,000

​

232,500

​

231,000

​

229,000

​

228,000

Occupied MWs (11)

​

2,725

​

2,663

​

2,602

​

2,565

​

2,457

IT Load Capacity MWs (11)

​

3,024

​

2,963

​

2,879

​

2,858

​

2,753

Occupancy at end of quarter (13)

​

90.1%

​

89.9%

​

90.4%

​

89.7%

​

89.2%

Same-capital occupancy at end of quarter (13) (14)

​

91.6%

​

91.6%

​

91.9%

​

91.5%

​

91.2%

Weighted average remaining lease term (years) (15)

​

4.3

​

3.9

​

4.2

​

4.2

​

4.1

​

​

​

​

5

Table of Contents

Key Quarterly Financial Data

Financial Supplement

Unaudited, Dollars (except per share data) in Thousands

​

First Quarter 2026

​

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.

(2) EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 28. For a reconciliation of net income available to common stockholders to EBITDA, see page 27.

(3) Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 28. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 27.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four.

(5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.

(6) Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).

(7) Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).

(8) For definitions and discussion of FFO and Core FFO, see page 28. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.

(9) For a definition and discussion of AFFO, see page 28. For a reconciliation of Core FFO to AFFO, see page 14.

(10) Diluted payout ratios for FFO, Core FFO and AFFO are calculated as dividends declared per common share and unit divided by the corresponding diluted FFO, diluted Core FFO and diluted AFFO per share and unit, respectively.

(11) Includes data centers held as investments in unconsolidated entities. Excludes data centers held for sale and contribution.

(12) Represents approximate amounts.

(13) Occupancy and same-capital occupancy exclude capacity under active development and capacity held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our data centers, we calculate occupancy based on factors including available power, required support capacity and common area. Excludes data centers held for sale and contribution.

(14) Represents data centers owned as of December 31, 2024, with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

(15) Weighted average remaining lease term excludes renewal options and is weighted by annualized recurring revenue.

​

​

​

​

​

​

​

6

Table of Contents

Digital Realty Trust

Financial Supplement

Earnings Release

​

First Quarter 2026

​

Digital Realty Reports First Quarter 2026 Results

Austin, TX — April 23, 2026 — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the first quarter of 2026. All per share results are presented on a fully diluted basis.

Highlights

◾ Reported net income available to common stockholders of $0.46 per share in 1Q26, compared to $0.27 in 1Q25

◾ Reported FFO per share of $1.99 in 1Q26, compared to $1.67 in 1Q25

◾ Reported Core FFO per share of $2.04 in 1Q26, compared to $1.77 in 1Q25; reported Constant-Currency Core FFO per share of $1.96 in 1Q26

◾ Signed total bookings during 1Q26 that are expected to generate $707 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, total bookings were $423 million, including a $98 million contribution from the 0-1 megawatt plus interconnection category

◾ Reported a total backlog of $1.8 billion of annualized GAAP base rent at 100% share at the end of 1Q26; at Digital Realty’s share, the total backlog was $1.0 billion

◾ Reported rental rate increases on renewal leases of 5.0% on a cash basis in 1Q26

◾ Raised 2026 Core FFO per share outlook to $8.00 - $8.10 and 2026 Constant-Currency Core FFO per share outlook to $7.95 - $8.05

​

Financial Results

Digital Realty reported total revenues of $1.6 billion in the first quarter of 2026, in line with the previous quarter and a 16% increase from the same quarter last year.

The company delivered net income of $175 million in the first quarter of 2026, as well as net income available to common stockholders of $169 million and $0.46 per share, compared to $0.24 per share in the previous quarter and $0.27 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $920 million in the first quarter of 2026, a 7% increase from the previous quarter and a 16% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $700 million in the first quarter of 2026, or $1.99 per share, compared to $1.89 per share in the previous quarter and $1.67 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $2.04 in the first quarter of 2026, compared to $1.86 per share in the previous quarter and $1.77 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.96 in the first quarter of 2026.

"Digital Realty saw a further acceleration in data center demand and our growth trajectory in the first quarter, with record 0–1 megawatt plus interconnection leasing and the largest hyperscale lease in company history, which contributed to double-digit growth in Core FFO per share,” said Digital Realty President and Chief Executive Officer Andy Power. “We are swiftly advancing hyperscale AI-oriented capacity in the U.S., growing our connectivity-rich portfolio across key global markets, and broadening our capital base to prudently extend Digital Realty’s runway for growth."

​

Leasing Activity

In the first quarter, Digital Realty signed total bookings that are expected to generate $707 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $423 million, including a $79 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection.

The weighted-average lag between new leases signed during the first quarter of 2026 and the contractual commencement date was nineteen months. The backlog of signed-but-not-commenced leases at quarter-end was $1.8 billion of annualized GAAP base rent at 100% share, and $1.0 billion at Digital Realty’s share.

In addition, Digital Realty also signed renewal leases representing $193 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2026 increased 5.0% on a cash basis and 6.3% on a GAAP basis.

​

7

Table of Contents

Digital Realty Trust

Financial Supplement

Earnings Release

​

First Quarter 2026

​

New leases signed during the first quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows:

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Annualized GAAP

​ ​ ​

​ ​ ​

​ ​ ​

​

​

​

​

Base Rent

​

​

​

GAAP Base Rent

Americas

​

(in thousands)

​

Megawatts

​

per Kilowatt

0-1 MW

​

​

$40,444

13.2

​

​

$256

> 1 MW

​

​

280,082

134.5

​

​

174

Other (1)

​

​

385

—

​

​

—

Total

​

​

$320,912

147.7

​

​

$181

​

​

​

​

​

​

​

​

​

EMEA (2)

​

​

​

​

​

​

​

0-1 MW

​

​

$29,282

8.6

​

​

$284

> 1 MW

​

​

8,007

3.2

​

​

209

Other (1)

​

​

132

—

​

​

—

Total

​

​

$37,422

11.8

​

​

$264

​

​

​

​

​

​

​

​

​

Asia Pacific (2)

​

​

​

​

​

​

​

0-1 MW

​

​

$9,228

4.9

​

​

$158

> 1 MW

​

​

36,392

11.7

​

​

260

Other (1)

​

​

210

—

​

​

—

Total

​

​

$45,829

16.5

​

​

$230

​

​

​

​

​

​

​

​

​

All Regions (2)

​

​

​

​

​

​

​

0-1 MW

​

​

$78,954

26.6

​

​

$247

> 1 MW

​

​

324,482

149.3

​

​

181

Other (1)

​

​

728

—

​

​

—

Total

​

​

$404,163

176.0

​

​

$191

​

​

​

​

​

​

​

​

​

Interconnection

​

​

$18,611

N/A

​

​

N/A

​

​

​

​

​

​

​

​

​

Grand Total at DLR Share

​

​

$422,774

176.0

​

​

$191

​

​

​

​

​

​

​

​

​

Grand Total at 100% Share

​

​

$706,883

312.8

​

​

$183

​

Note: Totals may not foot due to rounding differences.

(1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(2) Based on quarterly average exchange rates during the three months ended March 31, 2026.

Investment Activity

During the first quarter of 2026, Digital Realty acquired the following:

​

● An 873-acre parcel in the greater Atlanta metro area for $95 million. This parcel is proximate to Digital Realty’s existing Atlanta campus and is expected to support over one gigawatt of IT capacity.

● A 30-acre parcel of land in the Portland metro area for $50 million that is expected to support 160 megawatts of IT capacity. This parcel is near another assemblage of land announced last quarter that is expected to support up to 85 megawatts of IT capacity.

​

As previously announced, during the quarter, Digital Realty acquired the following:

● Telepoint, a leading data center and interconnection provider based in Sofia, Bulgaria, for €66.5 million or $76.6 million, adding the market’s leading connectivity hub to PlatformDIGITAL.

● Two land parcels totaling more than 90 acres near Milan, Italy for €56.5 million or $65.1 million. These parcels are located close to the terrestrial and subsea routes that connect northern Italy to other locations throughout the Mediterranean region.

​

Also previously disclosed, during the first quarter of 2026 Digital Realty entered into an agreement, to acquire TelcoHub 1, an operational 1.5-megawatt data center that is one of Malaysia's leading connectivity hubs, and an adjacent land parcel that can support the development of up to 14 megawatts of IT capacity. These transactions are expected to close in the first half of 2026, subject to customary closing conditions. Subsequent to quarter end, Digital Realty acquired a 15-megawatt data center development in Cyberjaya, Malaysia, located near TelcoHub 1, for approximately $117 million. This facility is unleased, with initial IT capacity expected to deliver in the second half of 2026 to support a connected campus.

​

During the first quarter, Digital Realty sold a non-core data center in the Boston metro area for gross proceeds of approximately $6.4 million.

​

Subsequent to quarter end, Digital Realty also closed on the sale of a non-core asset in the Atlanta metro area for $24 million.

​

8

Table of Contents

Digital Realty Trust

Financial Supplement

Earnings Release

​

First Quarter 2026

​

Balance Sheet

​

Digital Realty had approximately $18.0 billion of total debt outstanding as of March 31, 2026, comprised of $17.2 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the first quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x, debt-plus-preferred-to-total enterprise value was 22.7% and fixed charge coverage was 4.9x.

​

Since December 31, 2025, the company sold 7.3 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $179.30 per share, for net proceeds of approximately $1.3 billion.

​

​

​

​

​

​

​

​

​

​

​

9

Table of Contents

Digital Realty Trust

Financial Supplement

Earnings Release

​

First Quarter 2026

​

​

2026 Outlook

Digital Realty raised its 2026 Core FFO per share outlook to $8.00 - $8.10 and its 2026 Constant-Currency Core FFO per share outlook to $7.95 - $8.05. The assumptions underlying the outlook are summarized in the following table.

​

​

​

​

​

​

​ ​

As of

As of

Top-Line and Cost Structure

​

February 5, 2026

​

April 23, 2026

Total revenue

​

$6.600 - $6.700 billion

$6.650 - $6.750 billion

Net non-cash rent adjustments (1)

​

($90 - $95 million)

​

($90 - $95 million)

Adjusted EBITDA

​

$3.600 - $3.700 billion

​

$3.650 - $3.750 billion

G&A

​

$610 - $620 million

​

$615 - $625 million

​

​

​

​

​

Internal Growth

​

​

​

​

Rental rates on renewal leases

​

​

​

​

Cash basis

​

6.0% - 8.0%

​

6.5% - 8.5%

GAAP basis

​

8.5% - 10.5%

​

9.5% - 11.5%

Year-end portfolio occupancy (2)

​

+50 - 100 bps

​

+50 - 100 bps

"Same-Capital" cash NOI growth (3)

​

4.0% - 5.0%

​

4.0% - 5.0%

​

​

​

​

​

Foreign Exchange Rates

​

​

​

​

U.S. Dollar / Pound Sterling

​

$1.30 - $1.35

​

$1.32 - $1.37

U.S. Dollar / Euro

​

$1.13 - $1.18

​

$1.15 - $1.20

​

​

​

​

​

External Growth

​

​

​

​

Dispositions / Joint Venture Capital

​

​

​

​

Dollar volume

​

$500 - $1,000 million

​

$500 - $1,000 million

Cap rate

​

0.0% - 10.0%

​

0.0% - 10.0%

Development

​

​

​

​

CapEx (Net of Partner Contributions) (4)

​

$3,250 - $3,750 million

​

$3,500 - $4,000 million

Average stabilized yields

​

10.0%+

​

10.0%+

Enhancements and other non-recurring CapEx (5)

​

$30 - $35 million

​

$30 - $35 million

Recurring CapEx + capitalized leasing costs (6)

​

$400 - $425 million

​

$400 - $425 million

​

​

​

​

​

Balance Sheet

​

​

​

​

Long-term debt issuance

​

​

​

​

Dollar amount

​

$1,000 - $1,500 million

​

$1,500 - $2,000 million

Pricing

​

4.0% - 4.5%

​

4.0% - 4.5%

Timing

​

Mid-Year

​

Mid-Year

​

​

​

​

​

Net income per diluted share

​

$2.55 - $2.65

​

$2.65 - $2.75

Real estate depreciation and (gain) / loss on sale

​

$4.90 - $4.90

​

$4.95 - $4.95

Funds From Operations / share (NAREIT-Defined)

​

$7.45 - $7.55

​

$7.60 - $7.70

Non-core expenses and revenue streams

​

$0.45 - $0.45

​

$0.40 - $0.40

Core Funds From Operations / share

​

$7.90 - $8.00

​

$8.00 - $8.10

Foreign currency translation adjustments

​

$0.00 - $0.00

​

($0.05) - ($0.05)

Constant-Currency Core Funds From Operations / share

​

$7.90 - $8.00

​

$7.95 - $8.05

​

(1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2) Year-end portfolio occupancy guidance based on IT load (kW).

(3) The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.

(4) Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.

(5) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.

(6) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

​

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

10

Table of Contents

Digital Realty Trust

Financial Supplement

Earnings Release

​

First Quarter 2026

​

​

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on April 23, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s first quarter 2026 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived for one year and the replay will be available shortly after the conclusion of the live event.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

​

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

​

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(737) 281-0101

​

​

​

​

​

​

​

​

11

Table of Contents

Consolidated Quarterly Statements of Operations

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

Rental revenues

​

​

$1,103,946

​

​

$1,074,703

​

​

$1,045,708

​

​

$1,003,550

​

​

$960,526

Tenant reimbursements - Utilities

​

​

333,909

​

​

356,084

​

​

332,681

​

​

294,503

​

​

271,189

Tenant reimbursements - Other

​

​

38,093

​

​

34,406

​

​

37,302

​

​

37,355

​

​

42,177

Interconnection and other

​

​

124,278

​

​

123,414

​

​

120,399

​

​

121,952

​

​

112,969

Fee income

​

​

34,899

​

​

45,692

​

​

36,398

​

​

34,427

​

​

20,643

Other

​

​

47

​

​

372

​

​

4,746

​

​

1,363

​

​

133

Total Operating Revenues

​

​

$1,635,173

​

​

$1,634,671

​

​

$1,577,234

​

​

$1,493,150

​

​

$1,407,637

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Utilities

​

​

$372,385

​

​

$398,185

​

​

$375,627

​

​

$339,288

​

​

$313,385

Rental property operating

​

​

266,115

​

​

295,948

​

​

278,292

​

​

267,724

​

​

238,600

Property taxes

​

​

54,964

​

​

50,791

​

​

51,823

​

​

49,570

​

​

48,856

Insurance

​

​

4,799

​

​

4,711

​

​

4,508

​

​

4,946

​

​

4,483

Depreciation and amortization

​

​

499,511

​

​

493,458

​

​

497,002

​

​

461,167

​

​

443,009

General and administration

​

​

151,923

​

​

159,283

​

​

139,911

​

​

133,755

​

​

121,112

Severance, equity acceleration and legal expenses

​

​

2,835

​

​

4,937

​

​

1,794

​

​

2,262

​

​

2,428

Transaction and integration expenses

​

​

15,685

​

​

36,083

​

​

86,559

​

​

22,546

​

​

39,902

Provision for impairment

​

​

—

​

​

78,553

​

​

—

​

​

—

​

​

—

Other expenses

​

​

23

​

​

98

​

​

3,297

​

​

195

​

​

112

Total Operating Expenses

​

​

$1,368,240

​

​

$1,522,047

​

​

$1,438,813

​

​

$1,281,453

​

​

$1,211,887

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income before gain (loss) on disposition of properties, net

​

​

$266,933

​

​

$112,624

​

​

$138,420

​

​

$211,698

​

​

$195,750

Gain (loss) on disposition of properties, net

​

​

873

​

​

42,865

​

​

19,780

​

​

931,830

​

​

1,111

Operating Income

​

​

$267,806

​

​

$155,489

​

​

$158,200

​

​

$1,143,527

​

​

$196,860

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in earnings (loss) of unconsolidated entities

​

​

(1,833)

​

​

4,659

​

​

(16,944)

​

​

(12,062)

​

​

(7,640)

Interest and other income (expense), net

​

​

45,342

​

​

42,797

​

​

47,735

​

​

37,747

​

​

32,773

Interest (expense)

​

​

(116,384)

​

​

(116,516)

​

​

(113,584)

​

​

(109,383)

​

​

(98,464)

Income tax benefit (expense)

​

​

(16,008)

​

​

9,673

​

​

(11,695)

​

​

(12,883)

​

​

(17,135)

Gain (loss) on debt extinguishment and modifications

​

​

(4,119)

​

​

9

​

​

—

​

​

—

​

​

—

Net Income

​

​

$174,804

​

​

$96,111

​

​

$63,713

​

​

$1,046,946

​

​

$106,395

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net (income) loss attributable to noncontrolling interests

​

​

4,470

​

​

2,536

​

​

4,099

​

​

(14,790)

​

​

3,579

Net Income Attributable to Digital Realty Trust, Inc.

​

​

$179,274

​

​

$98,647

​

​

$67,812

​

​

$1,032,156

​

​

$109,974

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock dividends

​

​

(10,181)

​

​

(10,181)

​

​

(10,181)

​

​

(10,181)

​

​

(10,181)

Net Income (Loss) Available to Common Stockholders

​

​

$169,093

​

​

$88,466

​

​

$57,631

​

​

$1,021,975

​

​

$99,793

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares outstanding - basic

​

​

345,013

​

​

343,493

​

​

341,370

​

​

337,589

​

​

336,683

Weighted-average shares outstanding - diluted

​

​

353,255

​

​

351,570

​

​

349,234

​

​

345,734

​

​

344,721

Weighted-average fully diluted shares and units

​

​

359,300

​

​

357,430

​

​

355,165

​

​

351,691

​

​

350,632

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income / (loss) per share - basic

​

​

$0.49

​

​

$0.26

​

​

$0.17

​

​

$3.03

​

​

$0.30

Net income / (loss) per share - diluted

​

​

$0.46

​

​

$0.24

​

​

$0.15

​

​

$2.94

​

​

$0.27

​

​

​

​

12

Table of Contents

Funds From Operations and Core Funds From Operations

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Reconciliation of Net Income to Funds From Operations (FFO)

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Income (Loss) Available to Common Stockholders

​

​

$169,093

​

​

$88,466

​

​

$57,631

​

​

$1,021,975

​

​

$99,793

Adjustments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noncontrolling interest in operating partnership

​

​

4,000

​

​

2,000

​

​

2,000

​

​

21,000

​

​

3,000

Real estate related depreciation and amortization (1)

​

​

490,965

​

​

484,260

​

​

487,182

​

​

451,050

​

​

432,652

Reconciling items related to noncontrolling interests

​

​

(23,726)

​

​

(22,753)

​

​

(22,888)

​

​

(21,038)

​

​

(19,480)

Unconsolidated entities real estate related depreciation and amortization

​

​

60,291

​

​

70,260

​

​

65,922

​

​

59,172

​

​

55,861

(Gain) loss on real estate transactions

​

​

(226)

​

​

(42,865)

​

​

(19,780)

​

​

(931,830)

​

​

(1,111)

Provision for impairment

​

​

—

​

​

78,553

​

​

—

​

​

—

​

​

—

Funds From Operations

​

​

$700,397

​

​

$657,921

​

​

$570,067

​

​

$600,329

​

​

$570,715

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares and units outstanding - basic

​

​

351,059

​

​

349,354

​

​

347,301

​

​

343,546

​

​

342,594

Weighted-average shares and units outstanding - diluted (2) (3)

​

​

359,300

​

​

357,430

​

​

355,165

​

​

351,691

​

​

350,632

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Funds From Operations per share - basic

​

​

$2.00

​

​

$1.88

​

​

$1.64

​

​

$1.75

​

​

$1.67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Funds From Operations per share - diluted (2) (3)

​

​

$1.99

​

​

$1.89

​

​

$1.65

​

​

$1.75

​

​

$1.67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Reconciliation of FFO to Core FFO

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Funds From Operations

​

​

$700,397

​

​

$657,921

​

​

$570,067

​

​

$600,329

​

​

$570,715

Other non-core revenue adjustments (4)

​

​

(29)

​

​

(10,633)

​

​

(4,746)

​

​

4,228

​

​

(1,925)

Transaction and integration expenses

​

​

15,685

​

​

36,083

​

​

86,559

​

​

22,546

​

​

39,902

Gain (loss) on debt extinguishment and modifications

​

​

4,119

​

​

(9)

​

​

—

​

​

—

​

​

—

Severance, equity acceleration and legal expenses (5)

​

​

2,835

​

​

4,937

​

​

1,794

​

​

2,262

​

​

2,428

(Gain) loss on FX and derivatives revaluation

​

​

(4,398)

​

​

(16,295)

​

​

252

​

​

8,827

​

​

(2,064)

Other non-core expense adjustments (6)

​

​

(2,538)

​

​

(21,794)

​

​

2,075

​

​

5,092

​

​

(702)

Core Funds From Operations

​

​

$716,071

​

​

$650,210

​

​

$656,001

​

​

$643,284

​

​

$608,354

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares and units outstanding - diluted (2) (3)

​

​

351,293

​

​

349,740

​

​

347,700

​

​

343,909

​

​

343,050

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Core Funds From Operations per share - diluted (2)

​

​

$2.04

​

​

$1.86

​

​

$1.89

​

​

$1.87

​

​

$1.77

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)

​

Three Months Ended

Real Estate Related Depreciation & Amortization

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization per income statement

​

​

$499,511

​

​

$493,458

​

​

$497,002

​

​

$461,167

​

​

$443,009

Non-real estate depreciation

​

​

(8,546)

​

​

(9,198)

​

​

(9,820)

​

​

(10,117)

​

​

(10,356)

Real Estate Related Depreciation & Amortization

​

​

$490,965

​

​

$484,260

​

​

$487,182

​

​

$451,050

​

​

$432,652

​

(2) Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

Teraco noncontrolling share of FFO

​

​

$15,410

​

​

$18,240

​

​

$17,018

​

​

$15,850

​

​

$13,286

Teraco related minority interest

​

​

$15,410

​

​

$18,240

​

​

$17,018

​

​

$15,850

​

​

$13,286

​

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.

(4) Includes development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.

(5) Relates to severance and other charges related to the departure of company executives and integration-related severance.

(6) Includes write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax rate changes and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

​

​

13

Table of Contents

Adjusted Funds From Operations (AFFO)

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Reconciliation of Core FFO to AFFO

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Core Funds From Operations

​

​

$716,071

​

​

$650,210

​

​

$656,001

​

​

$643,284

​

​

$608,354

Adjustments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-real estate depreciation

​

​

8,546

​

​

9,198

​

​

9,820

​

​

10,117

​

​

10,356

Amortization of deferred financing costs

​

​

6,443

​

​

6,781

​

​

6,565

​

​

6,451

​

​

6,548

Amortization of debt discount/premium

​

​

1,581

​

​

1,341

​

​

1,293

​

​

1,251

​

​

1,125

Non-cash stock-based compensation expense

​

​

20,908

​

​

17,327

​

​

18,174

​

​

18,026

​

​

16,700

Straight-line rental revenue

​

​

(21,741)

​

​

(34,351)

​

​

(33,351)

​

​

(23,698)

​

​

(9,692)

Straight-line rental expense

​

​

(1,410)

​

​

(97)

​

​

(271)

​

​

(475)

​

​

(160)

Above- and below-market rent amortization

​

​

(1,007)

​

​

(972)

​

​

(864)

​

​

(752)

​

​

(706)

Deferred tax (benefit) / expense

​

​

(10,919)

​

​

(26,184)

​

​

18,187

​

​

(30,714)

​

​

(517)

Leasing compensation and internal lease commissions

​

​

15,476

​

​

14,644

​

​

15,013

​

​

14,721

​

​

13,405

Recurring capital expenditures (1)

​

​

(59,665)

​

​

(168,539)

​

​

(77,998)

​

​

(62,083)

​

​

(35,305)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Funds From Operations (2)

​

​

$674,283

​

​

$469,358

​

​

$612,569

​

​

$576,127

​

​

$610,108

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average shares and units outstanding - basic

​

​

351,059

​

​

349,354

​

​

347,301

​

​

343,546

​

​

342,594

Weighted-average shares and units outstanding - diluted (3)

​

​

351,293

​

​

349,740

​

​

347,700

​

​

343,909

​

​

343,050

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AFFO per share - diluted (3)

​

​

$1.92

​

​

$1.34

​

​

$1.76

​

​

$1.68

​

​

$1.78

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends per share and common unit

​

​

$1.22

​

​

$1.22

​

​

$1.22

​

​

$1.22

​

​

$1.22

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted AFFO Payout Ratio

​

​

63.6%

​

​

90.9%

​

​

69.2%

​

​

72.8%

​

​

68.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Share Count Detail

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Common Stock and Units Outstanding

​

​

351,059

​

​

349,354

​

​

347,301

​

​

343,546

​

​

342,594

Add: Effect of dilutive securities

​

​

234

​

​

386

​

​

399

​

​

362

​

​

456

Weighted Avg. Common Stock and Units Outstanding - diluted

​

​

351,293

​

​

349,740

​

​

347,700

​

​

343,909

​

​

343,050

​

(1) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(2) For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above.

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.

​

​

​

​

​

​

​

14

Table of Contents

Consolidated Balance Sheets

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31-Mar-26

​

31-Dec-25

​

30-Sep-25

​

30-Jun-25

​

31-Mar-25

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments in real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate

​

$31,633,899

​

​

$31,359,298

​

​

$30,194,891

​

​

$29,836,218

​

​

$27,947,964

Construction in progress

​

5,381,071

​

​

4,976,785

​

​

5,422,338

​

​

5,080,701

​

​

4,973,266

Land held for future development

​

199,681

​

​

91,130

​

​

66,668

​

​

73,665

​

​

69,089

Investments in Real Estate

​

$37,214,651

​

​

$36,427,213

​

​

$35,683,897

​

​

$34,990,583

​

​

$32,990,319

Accumulated depreciation and amortization

​

(10,355,181)

​

​

(9,993,596)

​

​

(9,665,380)

​

​

(9,341,719)

​

​

(8,856,535)

Net Investments in Properties

​

$26,859,470

​

​

$26,433,617

​

​

$26,018,517

​

​

$25,648,865

​

​

$24,133,784

Investment in unconsolidated entities

​

3,536,757

​

​

3,427,903

​

​

3,690,749

​

​

3,622,677

​

​

2,702,847

Net Investments in Real Estate

​

$30,396,227

​

​

$29,861,520

​

​

$29,709,266

​

​

$29,271,542

​

​

$26,836,631

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating lease right-of-use assets, net

​

$1,105,080

​

​

$1,135,645

​

​

$1,167,398

​

​

$1,180,657

​

​

$1,165,924

Cash and cash equivalents

​

2,426,631

​

​

3,451,647

​

​

3,299,703

​

​

3,554,126

​

​

2,321,885

Accounts and other receivables, net (1)

​

1,430,242

​

​

1,358,895

​

​

1,496,105

​

​

1,586,146

​

​

1,373,521

Deferred rent, net

​

765,198

​

​

750,907

​

​

710,624

​

​

681,375

​

​

641,290

Goodwill

​

9,591,250

​

​

9,711,953

​

​

9,647,754

​

​

9,636,513

​

​

9,174,165

Customer relationship value, deferred leasing costs and other intangibles, net

​

2,053,368

​

​

2,134,698

​

​

2,080,898

​

​

2,171,318

​

​

2,124,989

Assets held for sale and contribution

​

​

441,064

​

​

349,826

​

​

116,624

​

​

139,993

​

​

953,236

Other assets

​

650,913

​

​

655,377

​

​

500,262

​

​

493,325

​

​

488,921

Total Assets

​

$48,859,973

​

​

$49,410,468

​

​

$48,728,634

​

​

$48,714,995

​

​

$45,080,562

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Global unsecured revolving credit facilities, net

​

$707,961

​

​

$899,090

​

​

$1,152,042

​

​

$567,699

​

​

$1,096,931

Unsecured term loans, net

​

432,450

​

​

439,536

​

​

438,933

​

​

440,788

​

​

404,335

Unsecured senior notes, net of discount

​

16,013,977

​

​

16,194,441

​

​

15,808,565

​

​

16,641,367

​

​

14,744,063

Secured and other debt, net of discount

​

842,245

​

​

869,068

​

​

825,894

​

​

802,294

​

​

770,950

Operating lease liabilities

​

1,218,509

​

​

1,253,217

​

​

1,285,067

​

​

1,298,085

​

​

1,281,572

Accounts payable and other accrued liabilities

​

2,419,888

​

​

2,600,979

​

​

2,377,726

​

​

2,310,882

​

​

1,927,611

Deferred tax liabilities

​

1,093,955

​

​

1,124,724

​

​

1,151,374

​

​

1,137,305

​

​

1,109,294

Accrued dividends and distributions

​

—

​

​

428,337

​

​

—

​

​

—

​

​

—

Security deposits and prepaid rents

​

733,974

​

​

754,920

​

​

699,528

​

​

653,640

​

​

559,768

Obligations associated with assets held for sale and contribution

​

​

—

​

​

182

​

​

283

​

​

1,089

​

​

7,882

Total Liabilities

​

$23,462,959

​

​

$24,564,494

​

​

$23,739,412

​

​

$23,853,149

​

​

$21,902,406

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Redeemable noncontrolling interests

​

1,594,718

​

​

1,498,975

​

​

1,535,972

​

​

1,505,889

​

​

1,459,322

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock: $0.01 par value per share, 110,000 shares authorized:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Series J Cumulative Redeemable Preferred Stock (2)

​

$193,540

​

​

$193,540

​

​

$193,540

​

​

$193,540

​

​

$193,540

Series K Cumulative Redeemable Preferred Stock (3)

​

203,264

​

​

203,264

​

​

203,264

​

​

203,264

​

​

203,264

Series L Cumulative Redeemable Preferred Stock (4)

​

334,886

​

​

334,886

​

​

334,886

​

​

334,886

​

​

334,886

Common Stock: $0.01 par value per share, 502,000 shares authorized (5)

​

3,459

​

​

3,406

​

​

3,400

​

​

3,374

​

​

3,338

Additional paid-in capital

​

30,093,165

​

​

29,350,487

​

​

29,182,332

​

​

28,720,826

​

​

28,091,661

Dividends in excess of earnings

​

(6,946,676)

​

​

(6,690,722)

​

​

(6,358,501)

​

​

(5,997,607)

​

​

(6,604,217)

Accumulated other comprehensive loss, net

​

(512,885)

​

​

(469,198)

​

​

(533,891)

​

​

(543,756)

​

​

(926,874)

Total Stockholders' Equity

​

$23,368,753

​

​

$22,925,663

​

​

$23,025,030

​

​

$22,914,527

​

​

$21,295,598

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noncontrolling Interests

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noncontrolling interest in operating partnership

​

$426,853

​

​

$415,456

​

​

$420,280

​

​

$431,000

​

​

$415,956

Noncontrolling interest in consolidated entities

​

6,690

​

​

5,880

​

​

7,940

​

​

10,430

​

​

7,280

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Noncontrolling Interests

​

$433,543

​

​

$421,336

​

​

$428,220

​

​

$441,430

​

​

$423,236

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Equity

​

$23,802,296

​

​

$23,346,999

​

​

$23,453,250

​

​

$23,355,957

​

​

$21,718,834

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Liabilities and Equity

​

$48,859,973

​

​

$49,410,468

​

​

$48,728,634

​

​

$48,714,995

​

​

$45,080,562

​

(1) Net of allowance for doubtful accounts of $79,224 and $62,803 as of March 31, 2026 and March 31, 2025, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of March 31, 2026 and March 31, 2025.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of March 31, 2026 and March 31, 2025.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of March 31, 2026 and March 31, 2025.

(5) Common Stock: 348,924 and 336,743 shares issued and outstanding as of March 31, 2026 and March 31, 2025, respectively.

​

​

​

​

​

​

​

15

Table of Contents

Components of Net Asset Value (NAV) (1)

Financial Supplement

Unaudited and in Thousands

​

First Quarter 2026

44

​

​

​

​

​

​

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)

​

​

​

Network-Dense

​

​

$1,424,735

Campus

​

​

2,007,227

Other (4)

​

​

78,916

Total Cash NOI, Annualized

​

​

$3,510,878

less: Partners' share of consolidated JVs

​

​

(99,128)

Acquisitions / dispositions / expirations

​

​

(78,914)

FY 2026 backlog cash NOI and 1Q26 carry-over (stabilized) (5)

​

​

279,366

Total Consolidated Cash NOI, Annualized

​

​

$3,612,202

​

​

​

​

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6)

​

​

$344,992

​

​

​

​

Other Income

​

​

​

Development and Management Fees (net), Annualized

​

​

$139,597

​

​

​

​

Other Assets

​

​

​

Pre-stabilized inventory, at cost (7)

​

​

$532,950

Land held for development

​

​

199,681

Development CIP

​

​

5,381,071

less: Investment associated with FY26 Backlog NOI (9)

​

​

(934,157)

Cash and cash equivalents

​

​

2,426,631

Accounts and other receivables, net

​

​

1,430,242

Other assets

​

​

650,913

less: Partners' share of consolidated entities assets

​

​

(145,000)

Total Other Assets

​

​

$9,542,331

​

​

​

​

Liabilities

​

​

​

Global unsecured revolving credit facilities

​

​

$725,905

Unsecured term loans

​

​

433,238

Unsecured senior notes

​

​

16,133,307

Secured and other debt

​

​

845,117

Accounts payable and other accrued liabilities

​

​

2,419,888

Deferred tax liabilities

​

​

1,093,955

Security deposits and prepaid rents

​

​

733,974

Backlog NOI cost to complete (8)

​

​

878,985

Preferred stock

​

​

755,000

Digital Realty's share of unconsolidated entities debt

​

​

2,038,470

less: Partners' share of consolidated entities liabilities

​

​

(487,793)

Total Liabilities

​

​

$25,570,046

​

​

​

​

​

(1) Backlog and associated financial line items include activity related to properties held in unconsolidated entities.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain on sale of disposition of properties, net to NOI and cash NOI, see page 29.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 1Q26 Cash NOI of $3.5 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

(4) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2026. Includes Digital Realty’s share of signed leases at properties held in unconsolidated entities.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 26.

(7) Excludes Digital Realty’s share of cost at properties held in unconsolidated entities.

(8) Includes Digital Realty’s share of construction in progress and expected cost to complete at properties held in unconsolidated entities.

​

​

​

​

​

16

Table of Contents

Debt Maturities

Financial Supplement

Unaudited and Dollars in thousands

​

First Quarter 2026

66

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of March 31, 2026

​

​

​

​

Interest Rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest

​

Including

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate

​

Swaps

​

2026

​

2027

​

2028

​

2029

​

2030

​

Thereafter

​

Total

Global Unsecured Revolving Credit Facilities (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Global unsecured revolving credit facility

​

1.384%

​

1.384%

​

—

​

—

​

—

​

—

​

$569,665

​

—

​

$569,665

Yen revolving credit facility

​

1.410%

​

1.410%

​

—

​

—

​

—

​

—

​

156,240

​

—

​

156,240

Deferred financing costs, net

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(17,944)

Total Global Unsecured Revolving Credit Facilities

​

1.390%

​

1.390%

​

—

​

—

​

—

​

—

​

$725,905

​

—

​

$707,961

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unsecured Term Loans (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Euro term loan facility

​

2.797%

​

2.797%

​

—

​

$433,238

​

—

​

—

​

—

​

—

​

$433,238

Deferred financing costs, net

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(788)

Total Unsecured Term Loans

​

2.797%

​

2.797%

​

—

​

$433,238

​

—

​

—

​

—

​

—

​

$432,450

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

₣275 million 0.200% Notes due 2026

​

0.200%

​

0.200%

​

$344,014

​

—

​

—

​

—

​

—

​

—

​

$344,014

₣150 million 1.700% Notes due 2027

​

1.700%

​

1.700%

​

—

​

$187,644

​

—

​

—

​

—

​

—

​

187,644

$1.00 billion 3.700% Notes due 2027 (2)

​

3.700%

​

2.485%

​

—

​

1,000,000

​

—

​

—

​

—

​

—

​

1,000,000

€500 million 1.125% Notes due 2028

​

1.125%

​

1.125%

​

—

​

—

​

$577,650

​

—

​

—

​

—

​

577,650

$900 million 5.550% Notes due 2028 (2)

​

5.550%

​

3.996%

​

—

​

—

​

900,000

​

—

​

—

​

—

​

900,000

$650 million 4.450% Notes due 2028

​

4.450%

​

4.450%

​

—

​

—

​

650,000

​

—

​

—

​

—

​

650,000

₣270 million 0.550% Notes due 2029

​

0.550%

​

0.550%

​

—

​

—

​

—

​

$337,759

​

—

​

—

​

337,759

$900 million 3.600% Notes due 2029

​

3.600%

​

3.600%

​

—

​

—

​

—

​

900,000

​

—

​

—

​

900,000

£350 million 3.300% Notes due 2029

​

3.300%

​

3.300%

​

—

​

—

​

—

​

462,945

​

—

​

—

​

462,945

$1.15 billion 1.875% Exchangeable Notes due 2029 (2)

​

1.875%

​

1.263%

​

—

​

—

​

—

​

1,150,000

​

—

​

—

​

1,150,000

€750 million 1.500% Notes due 2030

​

1.500%

​

1.500%

​

—

​

—

​

—

​

—

​

$866,475

​

—

​

866,475

£550 million 3.750% Notes due 2030

​

3.750%

​

3.750%

​

—

​

—

​

—

​

—

​

727,485

​

—

​

727,485

€500 million 1.250% Notes due 2031

​

1.250%

​

1.250%

​

—

​

—

​

—

​

—

​

—

​

$577,650

​

577,650

€1.00 billion 0.625% Notes due 2031

​

0.625%

​

0.625%

​

—

​

—

​

—

​

—

​

—

​

1,155,300

​

1,155,300

€750 million 1.000% Notes due 2032

​

1.000%

​

1.000%

​

—

​

—

​

—

​

—

​

—

​

866,475

​

866,475

€750 million 1.375% Notes due 2032

​

1.375%

​

1.375%

​

—

​

—

​

—

​

—

​

—

​

866,475

​

866,475

€600 million 3.750% Notes due 2033

​

3.750%

​

3.750%

​

—

​

—

​

—

​

—

​

—

​

693,180

​

693,180

€850 million 3.875% Notes due 2033

​

3.875%

​

3.875%

​

—

​

—

​

—

​

—

​

—

​

982,005

​

982,005

€850 million 3.875% Notes due 2034

​

3.875%

​

3.875%

​

—

​

—

​

—

​

—

​

—

​

982,005

​

982,005

€850 million 3.875% Notes due 2035

​

3.875%

​

3.875%

​

—

​

—

​

—

​

—

​

—

​

982,005

​

982,005

€800 million 4.250% Notes due 2037

​

4.250%

​

4.250%

​

—

​

—

​

—

​

—

​

—

​

924,240

​

924,240

Unamortized discounts, net

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(43,850)

Deferred financing costs, net

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(75,480)

Total Senior Notes

​

2.802%

​

2.597%

​

$344,014

​

$1,187,644

​

$2,127,650

​

$2,850,704

​

$1,593,960

​

$8,029,335

​

$16,013,977

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured Debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ICN10 Facilities

​

5.020%

​

3.247%

​

—

​

—

​

—

​

—

​

$10,984

​

—

​

$10,984

Westin

​

3.290%

​

3.290%

​

—

​

$135,000

​

—

​

—

​

—

​

—

​

135,000

Teraco Loans

​

8.978%

​

10.049%

​

$54,822

​

109,645

​

$393,496

​

$19,479

​

68,210

​

$33,248

​

678,900

Telepoint

​

3.918%

​

3.918%

​

—

​

—

​

957

​

467

​

—

​

—

​

1,424

Deferred financing costs, net

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(2,873)

Total Secured Debt

​

7.987%

​

8.844%

​

$54,822

​

$244,645

​

$394,453

​

$19,946

​

$79,194

​

$33,248

​

$823,436

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Icolo loans

​

12.735%

​

12.735%

​

—

​

$5,028

​

$1,218

​

$5,959

​

—

​

$6,604

​

$18,809

Total Other Debt

​

12.735%

​

12.735%

​

—

​

$5,028

​

$1,218

​

$5,959

​

—

​

$6,604

​

$18,809

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total unhedged variable rate debt

​

—

​

—

​

$2,243

​

$437,724

​

$16,587

​

$1,771

​

$736,302

​

$10,579

​

$1,205,206

Total fixed rate / hedged variable rate debt

​

—

​

—

​

396,593

​

1,432,831

​

2,506,734

​

2,874,838

​

1,662,757

​

8,058,608

​

16,932,362

Total Debt

​

2.992%

​

2.848%

​

$398,836

​

$1,870,554

​

$2,523,321

​

$2,876,609

​

$2,399,059

​

$8,069,187

​

$18,137,568

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Interest Rate

​

​

​

​

​

1.554%

​

3.008%

​

4.404%

​

2.322%

​

2.400%

​

2.710%

​

2.848%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Summary

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Term to Initial Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4.7 Years

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Maturity (assuming exercise of extension options)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4.8 Years

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Global Unsecured Revolving Credit Facilities Detail As of March 31, 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maximum Available

​

Existing Capacity (3)

​

Currently Drawn

​

​

​

​

​

​

​

​

​

​

​

​

​

Global Unsecured Revolving Credit Facilities

$4,461,026

​

$3,642,890

​

$725,905

​

(1) Assumes all extensions will be exercised.

(2) Subject to cross-currency swaps.

(3) Net of letters of credit issued of $92.2 million.

​

​

17

Table of Contents

Same-Capital Operating Trend Summary

Financial Supplement

Unaudited and in Thousands

​

First Quarter 2026

​

Stabilized (“Same-Capital”) Portfolio (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

31-Mar-26

​

31-Mar-25

​

% Change

​

31-Dec-25

​

% Change

​

Rental revenues

​

​

$849,758

​

​

$782,759

​

​

8.6%

​

​

$831,238

​

​

2.2%

​

Tenant reimbursements - Utilities

​

​

268,277

​

​

230,584

​

​

16.3%

​

​

286,656

​

​

(6.4%)

​

Tenant reimbursements - Other

​

​

30,553

​

​

31,987

​

​

(4.5%)

​

​

27,923

​

​

9.4%

​

Interconnection and other

​

​

99,250

​

​

89,200

​

​

11.3%

​

​

97,154

​

​

2.2%

​

Total Revenue

​

​

$1,247,838

​

​

$1,134,530

​

​

10.0%

​

​

$1,242,971

​

​

0.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Utilities

​

​

$297,775

​

​

$263,053

​

​

13.2%

​

​

$314,251

​

​

(5.2%)

​

Rental property operating

​

​

207,957

​

​

186,069

​

​

11.8%

​

​

230,979

​

​

(10.0%)

​

Property taxes

​

​

42,551

​

​

38,363

​

​

10.9%

​

​

39,746

​

​

7.1%

​

Insurance

​

​

5,474

​

​

4,919

​

​

11.3%

​

​

5,230

​

​

4.7%

​

Total Expenses

​

​

$553,757

​

​

$492,404

​

​

12.5%

​

​

$590,206

​

​

(6.2%)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Operating Income (2)

​

​

$694,081

​

​

$642,126

​

​

8.1%

​

​

$652,765

​

​

6.3%

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stabilized straight-line rent

​

​

$1,566

​

​

$51

​

​

2966.6%

​

​

$5,750

​

​

(72.8%)

​

Above- and below-market rent

​

​

637

​

​

565

​

​

12.7%

​

​

636

​

​

0.2%

​

Cash Net Operating Income (2)

​

​

$691,878

​

​

$641,510

​

​

7.9%

​

​

$646,379

​

​

7.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Constant Currency Cash Net Operating Income (3)

​

​

$657,658

​

​

$641,510

​

​

2.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stabilized Portfolio Occupancy at period end (4)

​

​

91.6%

​

​

91.2%

​

​

0.4%

​

​

91.6%

​

​

(0.0%)

​

​

(1) Represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.

(3) Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.

(4) Occupancy excludes capacity under active development and capacity held for development.

​

​

​

​

​

​

​

18

Table of Contents

Summary of Leasing Activity

Financial Supplement

Leases Signed and Renewed in the Quarter End March 31, 2026

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

0-1 MW (Based on kW)

​

> 1 MW (Based on kW)

​

Data Center Total

​

Other (Based on NRSF) (3)

Leasing Activity - New (1) (2)

​ ​ ​

1Q26

​ ​ ​

​

​

​

LTM

​ ​ ​

1Q26

​ ​ ​

​

​

LTM

​ ​ ​

1Q26

​ ​ ​

​

​

LTM

​ ​ ​

​

1Q26

​ ​ ​

​

​

LTM

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annualized GAAP Rent at 100% Share (in thousands)

​

$86,669

​

​

$316,035

​

$598,795

​

​

​

​

$1,081,941

​

​

$685,465

​

​

​

​

$1,397,975

​

​

$944

​

​

​

​

$4,063

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At Digital Realty Share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Annualized GAAP Rent (in thousands)

​

​

$78,954

​

​

$293,468

​

$324,482

​

​

​

​

$523,654

​

​

$403,435

​

​

​

​

$817,123

​

​

$728

​

​

​

​

$2,995

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Kilowatt Leased / NRSF (in thousands)

​

​

26,628

​

​

89,331

​

149,344

​

​

​

​

240,099

​

​

175,972

​

​

​

​

329,430

​

​

13

​

​

​

​

51

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Lease Term (years)

​

​

4.2

​

​

4.5

​

13.0

​

​

​

​

11.4

​

​

11.3

​

​

​

​

9.0

​

​

4.2

​

​

​

​

6.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Initial Stabilized cash rent per Kilowatt / NRSF

​

​

$245

​

​

$271

​

$153

​

​

​

​

$158

​

​

$167

​

​

​

​

$188

​

​

$51

​

​

​

​

$56

GAAP Rent per Kilowatt / NRSF

​

​

$247

​

​

$274

​

$181

​

​

​

​

$182

​

​

$191

​

​

​

​

$207

​

​

$54

​

​

​

​

$59

Leasing cost per Kilowatt / NRSF

​

​

$17

​

​

$30

​

$0

​

​

​

​

$1

​

​

$3

​

​

​

​

$9

​

​

$1

​

​

​

​

$3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

0-1 MW (Based on kW)

​

​

> 1 MW (Based on kW)

​

​

Data Center Total

​

​

Other (Based on NRSF)

Leasing Activity - Renewals (1) (2)

​ ​ ​

1Q26

​ ​ ​

​

​

LTM

​ ​ ​

​

1Q26

​ ​ ​

​

​

LTM

​ ​ ​

​

1Q26

​ ​ ​

​

​

LTM

​ ​ ​

​

1Q26

​ ​ ​

​

​

LTM

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At Digital Realty Share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Leases renewed Kilowatt / NRSF (in thousands)

​

​

44,579

​

​

152,298

​

14,374

​

​

​

​

96,202

​

​

58,953

​

​

​

​

248,499

​

​

132

​

​

​

​

330

Leasing cost per Kilowatt / NRSF

​

​

$1

​

​

$1

​

$0

​

​

​

​

$3

​

​

$1

​

​

​

​

$2

​

​

$1

​

​

​

​

$1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average Lease Term (years)

​

​

1.4

​

​

1.5

​

3.3

​

​

​

​

4.9

​

​

1.8

​

​

​

​

2.7

​

​

5.0

​

​

​

​

4.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash Rent

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expiring cash rent per Kilowatt / NRSF

​

​

$282

​

​

$315

​

$174

​

​

​

​

$163

​

​

$255

​

​

​

​

$256

​

​

$25

​

​

​

​

$50

Renewed cash rent per Kilowatt / NRSF

​

​

$294

​

​

$328

​

$187

​

​

​

​

$182

​

​

$268

​

​

​

​

$272

​

​

$29

​

​

​

​

$64

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash Rent % Change kW / NRSF

​

​

4.3%

​

​

4.2%

​

7.4%

​

​

​

​

11.7%

​

​

4.8%

​

​

​

​

6.1%

​

​

16.6%

​

​

​

​

26.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

GAAP Rent

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expiring cash rent per Kilowatt / NRSF

​

​

$280

​

​

$314

​

$170

​

​

​

​

$149

​

​

$253

​

​

​

​

$250

​

​

$24

​

​

​

​

$47

Renewed cash rent per Kilowatt / NRSF

​

​

$294

​

​

$329

​

$188

​

​

​

​

$186

​

​

$268

​

​

​

​

$273

​

​

$30

​

​

​

​

$66

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

GAAP Rent % Change kW / NRSF

​

​

5.1%

​

​

4.9%

​

10.3%

​

​

​

​

24.6%

​

​

5.9%

​

​

​

​

9.4%

​

​

26.1%

​

​

​

​

42.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Churn (4)

​

​

2.6%

​

​

8.8%

​

0.5%

​

​

​

​

3.0%

​

​

1.4%

​

​

​

​

5.5%

​

​

2.9%

​

​

​

​

4.4%

​

​

​

​

​

​

Note:  Data center totals may not foot due to rounding differences.

(1) Excludes short-term, roof, storage, and garage leases.

(2) Includes leases for new and re-leased capacity.

(3) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(4) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.

​

Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by annualized GAAP rent.

​

​

​

19

Table of Contents

Lease Expirations - By Size

Financial Supplement

Dollar in Thousands (except per kW data)

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​

​ ​ ​

% of

​ ​ ​

​

​ ​ ​

​

​ ​ ​

​

​ ​ ​

Rent Per kW

​

​

Annualized

​

Annualized

​

Annualized Rent

​

kW of Expiring

​

Rent per kW

​

Per Month at

Year

​

Rent (1)

​

Rent

​

at Expiration

​

Leases

​

Per Month

​

Expiration

0-1 MW

​

​

​

​

​

​

Month to Month (2)

$80,134

1.8%

$78,225

15,030

$444

$434

​

2026

604,249

13.3%

606,297

132,242

381

382

​

2027

394,031

8.6%

398,105

107,601

305

308

​

2028

172,478

3.8%

181,027

49,614

290

304

​

2029

109,413

2.4%

115,863

34,465

265

280

​

2030

86,339

1.9%

95,593

28,197

255

283

​

2031

48,186

1.1%

54,302

15,553

258

291

​

2032

32,211

0.7%

36,876

8,807

305

349

​

2033

12,686

0.3%

16,364

4,420

239

309

​

2034

2,459

0.1%

2,468

815

251

252

​

2035

7,844

0.2%

11,154

3,379

193

275

​

Thereafter

3,668

0.1%

3,860

2,287

134

141

​

Total / Wtd. Avg.

$1,553,699

34.1%

​

$1,600,135

​

402,410

​

$322

​

$331

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

> 1 MW

​

Annualized

​

​

​

​

​

​

​

Month to Month (2)

$16,029

0.4%

$16,053

9,407

$142

$142

​

2026

224,060

4.9%

226,045

133,367

140

141

​

2027

311,742

6.8%

315,183

179,937

144

146

​

2028

260,942

5.7%

271,659

168,284

129

135

​

2029

321,445

7.0%

342,433

224,950

119

127

​

2030

293,746

6.4%

311,377

191,974

128

135

​

2031

215,788

4.7%

242,930

140,714

128

144

​

2032

195,674

4.3%

217,616

122,799

133

148

​

2033

109,231

2.4%

120,994

64,003

142

158

​

2034

162,942

3.6%

185,043

124,016

109

124

​

2035

82,406

1.8%

85,516

51,814

133

138

​

Thereafter

584,330

12.8%

815,706

339,766

143

200

​

Total / Wtd. Avg.

$2,778,336

60.9%

​

$3,150,556

​

1,751,031

​

$132

​

$150

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Data Center Total

​

Annualized

​

​

​

​

​

​

​

​

Month to Month (2)

$96,164

2.1%

$94,278

24,437

$328

$322

​

2026

828,309

18.2%

832,342

265,609

260

261

​

2027

705,773

15.5%

713,288

287,538

205

207

​

2028

433,421

9.5%

452,686

217,898

166

173

​

2029

430,858

9.4%

458,297

259,414

138

147

​

2030

380,085

8.3%

406,970

220,172

144

154

​

2031

263,974

5.8%

297,232

156,267

141

159

​

2032

227,885

5.0%

254,493

131,606

144

161

​

2033

121,917

2.7%

137,359

68,423

148

167

​

2034

165,401

3.6%

187,511

124,831

110

125

​

2035

90,250

2.0%

96,670

55,193

136

146

​

Thereafter

587,998

12.9%

819,566

342,053

143

200

​

Total / Wtd. Avg.

$4,332,035

95.0%

​

$4,750,692

​

2,153,441

​

$168

​

$184

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other (3)

​

Annualized

​

​

​

​

​

​

​

Total

$227,544

5.0%

​

$251,276

​

—

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Total

​

Annualized

​

​

​

​

​

​

​

Total

$4,559,579

100.0%

​

$5,001,968

​

—

​

—

​

—

​

​

​

(1) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2026, multiplied by 12.

(2) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

(3) Other includes unimproved data center shell capacity as well as storage and office space within fully improved data center facilities.

​

Note: Represents consolidated portfolio in addition to our managed and non-managed portfolio of unconsolidated entities based on our ownership percentage.

​

​

20

Table of Contents

Top 20 Customers by Annualized Rent

Financial Supplement

Dollars in Thousands

​

First Quarter 2026

​

​

​

s

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​

​

​ ​ ​

​

​ ​ ​

Weighted

​

​

​

​

​

​

​

​

​

​

​

Average

​

​

​

​

​

​

Annualized

​

% of Annualized

​

Remaining

​

​

​

​

Number of

​

Recurring

​

Recurring

​

Lease Term in

​

​

Customer

​

Locations

​

Revenue (1)

​

Revenue

​

Years

1

​

Fortune 50 Software Company

​

76

​

​

$548,012

​

11.4%

​

8.6

2

​

Oracle Corporation

​

40

​

​

473,257

​

9.8%

​

10.8

3

​

Social Content Platform

​

32

​

​

251,328

​

5.2%

​

2.5

4

​

Global Cloud Provider

​

66

​

​

218,704

​

4.5%

​

2.5

5

​

IBM

​

33

​

​

105,425

​

2.2%

​

2.6

6

​

Equinix

​

14

​

​

97,234

​

2.0%

​

3.1

7

​

Fortune 25 Tech Company

​

58

​

​

89,584

​

1.9%

​

7.1

8

​

LinkedIn Corporation

​

8

​

​

77,071

​

1.6%

​

1.8

9

​

Meta Platforms, Inc.

​

50

​

​

74,297

​

1.5%

​

2.5

10

​

Fortune 25 Investment Grade-Rated Company

​

30

​

​

67,939

​

1.4%

​

1.5

11

​

Specialized Cloud Provider

​

5

​

​

65,111

​

1.4%

​

3.5

12

​

Social Media Platform

​

2

​

​

64,026

​

1.3%

​

5.2

13

​

Lumen Technologies, Inc.

​

110

​

​

58,644

​

1.2%

​

2.8

14

​

AT&T

​

69

​

​

47,785

​

1.0%

​

1.4

15

​

Comcast Corporation

​

38

​

​

47,369

​

1.0%

​

2.1

16

​

Zayo

​

110

​

​

46,153

​

1.0%

​

0.9

17

​

Global Commerce Platform

​

15

​

​

44,975

​

0.9%

​

5.4

18

​

JPMorgan Chase & Co.

​

20

​

​

44,153

​

0.9%

​

1.6

19

​

Quantitative Research and Investment Firm

​

3

​

​

41,680

​

0.9%

​

5.4

20

​

Morgan Stanley

​

13

​

​

40,353

​

0.8%

​

3.7

​

​

Total / Weighted Average

​

​

​

​

$2,503,100

​

51.9%

​

6.0

​

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of March 31, 2026, multiplied by 12.

​

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.

​

​

​

21

​

Occupancy Analysis

Financial Supplement

Dollars in Thousands

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

100% Share

​

Digital Realty Share

​

​

​

​

White Space

​

Annualized

​

Occupancy (3)

​

White Space

​

Annualized

​

Occupancy (3)

​

Data Center

Metropolitan Area

​

IT Load (1)

​

Rent (2)

​

31-Mar-26

​

31-Dec-25

​

IT Load (1)

​

Rent (2)

​

31-Mar-26

​

31-Dec-25

​

Count

Americas

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Northern Virginia

817

$1,231,636

98.6%

​

98.4%

​

589

​

$910,005

98.7%

​

98.8%

​

32

Chicago

177

392,108

95.9%

​

94.3%

​

103

​

291,416

94.2%

​

91.4%

​

10

Dallas

123

234,726

93.2%

​

94.3%

​

102

​

202,734

91.8%

​

93.0%

​

20

New York

67

211,577

84.9%

​

84.6%

​

61

​

195,074

83.5%

​

83.2%

​

10

Silicon Valley

97

182,935

78.8%

​

78.8%

​

94

​

161,721

78.0%

​

78.0%

​

15

Other Markets

498

890,134

92.7%

​

92.9%

​

403

​

732,669

92.1%

​

92.2%

​

69

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Total

1,779

$3,143,117

94.7%

​

94.5%

​

1,351

​

$2,493,619

93.8%

​

93.6%

​

156

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EMEA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Frankfurt

179

$335,427

93.5%

​

90.3%

​

149

​

$293,353

93.6%

​

91.1%

​

29

London

96

240,066

72.0%

​

71.8%

​

96

​

240,066

72.0%

​

71.8%

​

13

Amsterdam

126

218,934

87.0%

​

85.1%

​

126

​

218,934

87.0%

​

85.1%

​

13

Paris

143

218,256

83.3%

​

83.6%

​

127

​

196,561

83.9%

​

84.2%

​

13

Johannesburg

97

189,911

79.9%

​

79.7%

​

59

​

115,846

79.9%

​

79.7%

​

5

Other Markets

296

595,648

81.2%

​

83.7%

​

282

​

566,645

81.8%

​

84.1%

​

56

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EMEA Total

937

$1,798,242

83.6%

​

83.5%

​

839

​

$1,631,405

83.7%

​

83.8%

​

129

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asia Pacific

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Singapore

72

$243,642

93.3%

​

92.9%

​

72

​

$243,642

93.3%

​

92.9%

​

3

Tokyo

89

120,705

90.3%

​

90.1%

​

44

​

60,353

90.3%

​

90.1%

​

5

Osaka

65

82,188

89.2%

​

88.9%

​

32

​

41,094

89.2%

​

88.9%

​

4

Sydney

23

29,636

74.8%

​

74.7%

​

23

​

29,636

74.8%

​

74.7%

​

4

Hong Kong

24

29,955

59.7%

​

60.1%

​

19

​

26,403

71.4%

​

71.7%

​

2

Other Markets

35

36,055

54.3%

​

52.3%

​

27

​

33,427

64.1%

​

62.8%

​

6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asia Pacific Total

308

$542,182

83.1%

​

82.6%

​

218

​

$434,555

84.6%

​

84.2%

​

24

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held For Sale

—

—

—

​

100.0%

​

—

​

—

—

​

100.0%

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Portfolio Total/Weighted Average

3,024

$5,483,541

90.1%

​

89.9%

​

2,408

​

$4,559,579

89.4%

​

89.3%

​

309

​

​

​

(1) White Space IT Load represents UPS-backed utility power in megawatts dedicated to Digital Realty’s operated data center capacity.

(2) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2026, multiplied by 12.

(3) Occupancy excludes capacity under active development and capacity held for development.

​

s

22

Table of Contents

Development Lifecycle (1)

Financial Supplement

Dollars in Thousands

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Future Development Capacity

​

Data Center Construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

IT Capacity (100% Share) (2)

​

Total Investment (3)

​

Project Summary (4)

​

100% Share (4)

​

DLR Share (5)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Under

​

​

​

Average

​

Current

​

Future

​

Total

​

Current

​

Future

​

Total

​

​

​

​

​

​

​

​

​

100% Share

​

DLR Share

​

Construction

​

​

​

Expected

​

Investment

​

Investment

​

Investment

​

Investment

​

Investment

​

Investment

​

​

Yields

Region

​

Land (MW)

​

Shell (MW)

​

​

(4)​

(5)​

​

(MW)

​

% Leased

​

Completion

​

​

(6)​

​

​

(7)​

​

​

(8)​

​

(6)​

​

(7)​

​

​

(8)​

​

​

(9)​

Northern Virginia

​

840

90

​

​

$2,227,044

​

​

$1,778,926

318

82%

1Q27

​

​

$1,372,353

​

​

$2,464,076

​

​

$3,836,429

​

​

$495,948

​

​

$790,030

​

​

$1,285,978

​

​

​

Charlotte

​

210

—

​

​

402,251

​

​

332,500

200

100%

2Q28

​

​

160,436

​

​

2,917,323

​

​

3,077,759

​

​

89,844

​

​

1,633,701

​

​

1,723,545

​

​

​

Atlanta

​

1,080

—

​

​

182,848

​

​

182,848

192

—

1Q29

​

​

268,997

​

​

2,962,579

​

​

3,231,576

​

​

127,773

​

​

1,407,225

​

​

1,534,998

​

​

​

Other

​

1,330

110

​

​

1,334,134

​

​

953,494

212

84%

1Q27

​

​

732,131

​

​

2,122,665

​

​

2,854,796

​

​

631,819

​

​

1,428,905

​

​

2,060,724

​

​

​

Americas

3,460

200

​

​

$4,146,278

​

​

$3,247,768

922

69%

​

​

​

$2,533,917

​

​

$10,466,644

​

​

$13,000,561

​

​

$1,345,385

​

​

$5,259,861

​

​

$6,605,246

​

​

11.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Frankfurt

90

60

​

​

$1,026,393

​

​

$805,781

31

16%

1Q27

​

​

$473,797

​

​

$216,454

​

​

$690,251

​

​

$473,797

​

​

$216,454

​

​

$690,251

​

​

​

Amsterdam

40

—

​

​

45,875

​

​

45,875

26

47%

2Q26

​

​

290,353

​

​

76,041

​

​

366,394

​

​

290,353

​

​

76,041

​

​

366,394

​

​

​

Paris

230

50

​

​

508,174

​

​

445,507

22

45%

3Q27

​

​

191,608

​

​

171,687

​

​

363,295

​

​

94,341

​

​

156,318

​

​

250,659

​

​

​

Other

590

120

​

​

967,591

​

​

896,520

96

8%

1Q27

​

​

666,193

​

​

655,119

​

​

1,321,312

​

​

588,409

​

​

557,950

​

​

1,146,359

​

​

​

EMEA

950

230

​

​

$2,548,033

​

​

$2,193,683

174

20%

​

​

​

$1,621,951

​

​

$1,119,302

​

​

$2,741,253

​

​

$1,446,900

​

​

$1,006,763

​

​

$2,453,664

​

​

11.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tokyo

30

—

​

​

$30,899

​

​

$15,450

34

63%

4Q26

​

​

$196,649

​

​

$163,858

​

​

$360,506

​

​

$98,324

​

​

$81,929

​

​

$180,253

​

​

​

Seoul

—

50

​

​

324,791

​

​

324,791

10

—

4Q27

​

​

22,567

​

​

104,076

​

​

126,643

​

​

22,567

​

​

104,076

​

​

126,643

​

​

​

Sydney

—

10

​

​

46,137

​

​

46,137

7

100%

2Q26

​

​

34,421

​

​

44,494

​

​

78,915

​

​

34,421

​

​

44,494

​

​

78,915

​

​

​

Other

200

50

​

​

271,592

​

​

127,055

22

41%

4Q26

​

​

70,398

​

​

98,160

​

​

168,558

​

​

32,430

​

​

42,209

​

​

74,639

​

​

​

APAC

230

110

​

​

$673,419

​

​

$513,433

73

52%

​

​

​

$324,035

​

​

$410,587

​

​

$734,622

​

​

$187,742

​

​

$272,708

​

​

$460,450

​

​

11.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

4,640

540

​

​

$7,367,730

​

​

$5,954,884

1,169

61%

​

​

​

​

$4,479,903

​

​

$11,996,533

​

​

$16,476,436

​

​

$2,980,028

​

​

$6,539,332

​

​

$9,519,360

​

​

11.4%

​

(1) Includes development projects in consolidated and unconsolidated entities.

(2) Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and capacity held or actively under construction in preparation for future data center fit-out.

(3) Represents cost incurred through March 31, 2026, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell and infrastructure costs.

(4) Includes Digital Realty's and partners' shares in development joint ventures projects. Includes $3,864 million of current investment.

(5) Includes only Digital Realty's share in development joint ventures projects. Includes $3,249 million of current investment.

(6) Represents cost incurred through March 31, 2026.

(7) Represents estimated cost to complete scope of work pursuant to approved development budget.

(8) Represents total cost to develop a data center, including pro-rata share of acquisition, shell and infrastructure costs, plus the direct investment in the data center fit-out.

(9) Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

​

​

​

23

Table of Contents

Historical Capital Expenditures and Investments in Real Estate

Financial Supplement

Dollars in Thousands

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​ ​

31-Mar-26

​

​

31-Dec-25

30-Sep-25

​ ​

30-Jun-25

​ ​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-Recurring Capital Expenditures (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Development (2)

​

​

$729,959

​

​

$756,758

​

​

$532,590

​

​

$565,168

​

​

$686,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Enhancements and Other Non-Recurring

​

​

5,760

​

​

4,385

​

​

8,114

​

​

10,234

​

​

5,588

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Non-Recurring Capital Expenditures

​

​

$735,719

​

​

$761,143

​

​

$540,704

​

​

$575,402

​

​

$692,210

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Recurring Capital Expenditures (3)

​

​

$59,665

​

​

$168,539

​

​

$77,998

​

​

$62,083

​

​

$35,305

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Direct Capital Expenditures

​

​

$795,384

​

​

$929,682

​

​

$618,702

​

​

$637,485

​

​

$727,515

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Indirect Capital Expenditures

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized Interest

​

​

$35,637

​

​

$34,783

​

​

$32,923

​

​

$29,393

​

​

$30,095

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized Overhead

​

​

39,017

​

​

37,696

​

​

35,767

​

​

37,445

​

​

29,693

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Indirect Capital Expenditures

​

​

$74,654

​

​

$72,479

​

​

$68,690

​

​

$66,838

​

​

$59,788

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Improvements to and Advances for Investment in Real Estate

​

​

$870,038

​

​

$1,002,161

​

​

$687,392

​

​

$704,323

​

​

$787,303

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1) Non-recurring capital expenditures are primarily for development of land and capacity, excluding acquisition costs.

(2) Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures and fund prior to their contribution.

(3) Recurring capital expenditures represent non-incremental data center improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a data center, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

​

​

​

​

​

24

Table of Contents

Acquisitions / Dispositions/ Joint Ventures

Financial Supplement

Dollars in Thousands

​

First Quarter 2026

​

Closed Acquisitions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition

​

Metropolitan

​

Date

​

Purchase

​

Cap

Property

​

Type

​

Area

​

Acquired

​

Price (1)

​

Rate (2)

Hillsboro

​

Land

​

Portland, OR

​

1/14/2026

​

$8,500

​

NA

Cartersville

​

Land

​

Atlanta, GA

​

1/29/2026

​

95,000

​

NA

Telepoint

​

M&A

​

Sofia, Bulgaria

​

2/27/2026

​

76,581

​

NA

Abbiategrasso

​

Land

​

Milan, Italy

​

3/3/2026

​

65,065

​

NA

Hillsboro

​

Land

​

Portland, OR

​

3/11/2026

​

50,000

​

NA

Total

​

​

​

​

​

​

​

$295,146

—

​

​

Closed Dispositions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Disposition

​

Metropolitan

​

Date

​

Sale

​

Cap

Property

​

Type

​

Area

​

Disposed

​

​ ​ ​Price (1)

​

Rate (2)

Needham

​

Building

​

Boston, MA

​

3/17/2026

​

$6,400

​

NA

Total

​

​

​

​

​

​

​

$6,400

​

—

​

​

Closed Joint Venture / Fund Contributions:

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​

​ ​ ​

​

​ ​ ​

​

​ ​ ​

​

​

​

​

​

​

​

​

​

​

​

​

Metropolitan

​

​

​

Contribution

​

Cap

Property

​

Area

​

Date

​

Price

​

Rate (2)

​

​

—

​

—

​

—

​

—

Total

—

—

—

—

​

(1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of March 31, 2026.

(2) We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.

​

​

​

​

​

​

​

25

Table of Contents

Unconsolidated Entities

Financial Supplement

Dollars in Thousands

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Summary Balance Sheet -

​

As of March 31, 2026

at the JV's 100% Share

​

​

Americas (1)

​

​

APAC (2)

​

​

EMEA (3)

​

​

Global (4)

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross cost of operating real estate

$10,306,318

$2,350,203

$1,116,552

$1,709,363

$15,482,436

Accumulated depreciation and amortization

​

​

(1,394,643)

​

​

(383,449)

​

​

(28,713)

​

​

(191,401)

​

​

(1,998,207)

Net Book Value of Operating Real Estate

​

​

$8,911,676

​

​

$1,966,754

​

​

$1,087,839

​

​

$1,517,962

​

​

$13,484,229

Cash

​

​

544,507

​

​

604,214

​

​

90,888

​

​

41,607

​

​

1,281,216

Other assets

​

​

1,974,886

​

​

217,559

​

​

166,382

​

​

512,198

​

​

2,871,025

Total Assets

​

​

$11,431,068

​

​

$2,788,527

​

​

$1,345,109

​

​

$2,071,767

​

​

$17,636,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt

​

​

4,027,514

​

​

1,037,594

​

​

459,239

​

​

708,911

​

​

6,233,258

Other liabilities

​

​

1,177,428

​

​

197,848

​

​

300,135

​

​

501,999

​

​

2,177,410

Equity / (deficit)

​

​

6,226,126

​

​

1,553,085

​

​

585,734

​

​

860,857

​

​

9,225,802

Total Liabilities and Equity

​

​

$11,431,068

​

​

$2,788,527

​

​

$1,345,109

​

​

$2,071,767

​

​

$17,636,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Digital Realty's Pro Rata Share of Unconsolidated entities Debt

​

​

$1,215,480

​

​

$502,703

​

​

$91,848

​

​

$228,439

​

​

$2,038,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Summary Statement of Operations -

​

Three Months Ended March 31, 2026

at the JV's 100% Share

​

​

Americas (1)

​

​

APAC (2)

​

​

EMEA (3)

​

​

Global (4)

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total revenues

$303,358

$87,257

$18,042

$47,188

$455,845

Operating expenses

​

​

(107,719)

​

​

(40,780)

​

​

(7,703)

​

​

(22,100)

​

​

(178,302)

Net Operating Income (NOI)

​

​

$195,639

​

​

$46,477

​

​

$10,339

​

​

$25,088

​

​

$277,543

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Straight-line rent

​

​

(17,088)

​

​

(1,961)

​

​

(1,851)

​

​

(711)

​

​

(21,611)

Above and below market rent

​

​

(2,898)

​

​

—

​

​

(945)

​

​

(3,074)

​

​

(6,917)

Cash Net Operating Income (NOI)

​

​

$175,653

​

​

$44,516

​

​

$7,543

​

​

$21,303

​

​

$249,015

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

($60,388)

​

​

($3,435)

​

​

($9,050)

​

​

($8,961)

​

​

($81,834)

Depreciation and amortization

​

​

(135,089)

​

​

(22,840)

​

​

(7,295)

​

​

(23,315)

​

​

(188,539)

Other income / (expense)

​

​

(16,125)

​

​

(4,411)

​

​

(6,179)

​

​

15,266

​

​

(11,449)

FX remeasurement on USD debt

​

​

3,503

​

​

—

​

​

1,815

​

​

(7,635)

​

​

(2,317)

Total Other Expenses, net

​

​

($208,098)

​

​

($30,686)

​

​

($20,709)

​

​

($24,645)

​

​

($284,137)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Income / (Loss)

​

​

($12,459)

​

​

$15,791

​

​

($10,370)

​

​

$443

​

​

($6,595)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Digital Realty's Pro Rata Share of Unconsolidated entities NOI

​

​

$58,300

​

​

$23,208

​

​

$2,484

​

​

$11,907

​

​

$95,899

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI

​

​

$52,178

​

​

$22,225

​

​

$1,924

​

​

$9,921

​

​

$86,248

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Digital Realty's Earnings (loss) from unconsolidated entities

​

​

($6,696)

​

​

$7,528

​

​

($2,633)

​

​

($32)

​

​

($1,833)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Digital Realty's Pro Rata Share of Core FFO (5)

​

​

$28,334

​

​

$9,853

​

​

($2,194)

​

​

$8,631

​

​

$44,624

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Digital Realty's Fee Income from Unconsolidated entities

​

​

$27,379

​

​

$1,067

​

​

$817

​

​

$3,954

​

​

$33,217

​

(1) Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate and Walsh.

(2) Includes Digital Realty Bersama, Digital Connexion, Lumen and MC Digital Realty.

(3) Includes Blackstone Frankfurt, Blackstone Paris, Medallion and Mivne.

(4) Includes Digital Core REIT.

(5) For a definition of Core FFO, see page 28.

​

Note: Digital Realty’s ownership percentages in the unconsolidated entities vary.

​

​

​

​

26

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios

Financial Supplement

Unaudited and Dollars in Thousands

​

First Quarter 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Income (Loss) Available to Common Stockholders

​

​

$169,093

​

​

$88,466

​

​

$57,631

​

​

$1,021,975

​

​

$99,793

Interest expense

116,384

116,516

113,584

109,383

98,464

(Gain) loss on debt extinguishment and modifications

​

​

4,119

​

​

(9)

​

​

—

​

​

—

​

​

—

Income tax expense (benefit)

​

​

16,008

​

​

(9,673)

​

​

11,695

​

​

12,883

​

​

17,135

Depreciation and amortization

​

​

499,511

​

​

493,458

​

​

497,002

​

​

461,167

​

​

443,009

EBITDA

​

​

$805,115

​

​

$688,758

​

​

$679,912

​

​

$1,605,408

​

​

$658,400

Unconsolidated JV real estate related depreciation and amortization

​

​

60,291

​

​

70,260

​

​

65,922

​

​

59,172

​

​

55,861

Unconsolidated JV interest expense and tax expense

​

​

35,814

​

​

38,498

​

​

44,795

​

​

31,243

​

​

33,390

Severance, equity acceleration and legal expenses

​

​

2,835

​

​

4,937

​

​

1,794

​

​

2,262

​

​

2,428

Transaction and integration expenses

​

​

15,685

​

​

36,083

​

​

86,559

​

​

22,546

​

​

39,902

(Gain) loss on disposition of properties, net

​

​

(873)

​

​

(42,865)

​

​

(19,780)

​

​

(931,830)

​

​

(1,111)

Provision for impairment

​

​

—

​

​

78,553

​

​

—

​

​

—

​

​

—

Other non-core adjustments, net (2)

​

​

(4,270)

​

​

(25,033)

​

​

2,523

​

​

9,545

​

​

(4,316)

Noncontrolling interests

​

​

(4,470)

​

​

(2,536)

​

​

(4,099)

​

​

14,790

​

​

(3,579)

Preferred stock dividends

​

​

10,181

​

​

10,181

​

​

10,181

​

​

10,181

​

​

10,181

Adjusted EBITDA

​

​

$920,307

​

​

$856,836

​

​

$867,807

​

​

$823,319

​

​

$791,156

​

(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.

(2) Includes foreign exchange net unrealized gains/losses attributable to remeasurement impact of foreign tax rate changes, non-recurring legal and insurance expenses, gain (loss) on sale on disposition of properties held in unconsolidated JV and lease termination fees.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

Financial Ratios

​

​

31-Mar-26

​

​

31-Dec-25

​

​

30-Sep-25

​

​

30-Jun-25

​

​

31-Mar-25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total GAAP interest expense

$116,384

$116,516

$113,584

$109,383

$98,464

Capitalized interest expense

​

​

35,637

​

​

34,783

​

​

32,923

​

​

29,393

​

​

30,095

Change in accrued interest and other non-cash amounts

​

​

30,268

​

​

(52,014)

​

​

41,265

​

​

(92,065)

​

​

45,416

Cash Interest Expense (3)

​

​

$182,289

​

​

$99,285

​

​

$187,772

​

​

$46,711

​

​

$173,975

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock dividends

​

​

10,181

​

​

10,181

​

​

10,181

​

​

10,181

​

​

10,181

Total Fixed Charges (4)

​

​

$162,202

​

​

$161,479

​

​

$156,687

​

​

$148,957

​

​

$138,739

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coverage

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest coverage ratio (5)

​

​

5.2x

​

​

4.8x

​

​

4.9x

​

​

5.0x

​

​

5.3x

Cash interest coverage ratio (6)

​

​

4.4x

​

​

6.8x

​

​

3.9x

​

​

11.2x

​

​

4.1x

Fixed charge coverage ratio (7)

​

​

4.9x

​

​

4.5x

​

​

4.6x

​

​

4.7x

​

​

4.9x

Cash fixed charge coverage ratio (8)

​

​

4.2x

​

​

6.3x

​

​

3.8x

​

​

9.9x

​

​

3.9x

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Leverage

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt to total enterprise value (9)(10)

​

​

21.7%

​

​

25.1%

​

​

23.0%

​

​

23.2%

​

​

25.4%

Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)

​

​

22.7%

​

​

26.1%

​

​

23.9%

​

​

24.1%

​

​

26.6%

Pre-tax income to interest expense (12)

​

​

2.5x

​

​

1.8x

​

​

1.6x

​

​

10.6x

​

​

2.1x

Net Debt-to-Adjusted EBITDA (13)

​

​

4.7x

​

​

4.9x

​

​

4.9x

​

​

5.1x

​

​

5.1x

​

(3) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(4) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.

(5) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).

(6) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).

(7) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).

(8) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).

(9) Total debt divided by market value of common equity plus debt plus preferred stock.

(10) Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(11) Same as (9), except numerator includes preferred stock.

(12) Calculated as net income plus interest expense divided by GAAP interest expense.

(13) Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

​

27

Table of Contents

Management Statements on Non-GAAP Measures

Financial Supplement

Unaudited

​

First Quarter 2026

​

Definitions

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

28

Table of Contents

Management Statements on Non-GAAP Measures

Financial Supplement

Unaudited

​

First Quarter 2026

​

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended March 31, 2026, GAAP interest expense was $116 million, capitalized interest was $36 million and preferred stock dividends were $10 million.

​

​

​

​

​

​

​

​

​

​

Reconciliation of Net Operating Income (NOI)

​

Three Months Ended

(in thousands)

​ ​ ​

31-Mar-26

​ ​ ​

31-Dec-25

​ ​ ​

31-Mar-25

​

​

​

​

​

​

​

Operating income before gain (loss) on disposition of properties, net

​

​

$266,933

​

​

$112,624

​

​

$195,750

​

​

​

​

​

​

​

​

​

​

Fee income

​

​

(34,899)

​

​

(45,692)

​

​

(20,643)

Other income

​

​

(47)

​

​

(372)

​

​

(133)

Depreciation and amortization

​

​

499,511

​

​

493,458

​

​

443,009

General and administrative

​

​

151,923

​

​

159,283

​

​

121,112

Severance, equity acceleration and legal expenses

​

​

2,835

​

​

4,937

​

​

2,428

Transaction and integration expenses

​

​

15,685

​

​

36,083

​

​

39,902

Provision for impairment

​

​

—

​

​

78,553

​

​

—

Other expenses

​

​

23

​

​

98

​

​

112

​

​

​

​

​

​

​

​

​

​

Net Operating Income

​

​

$901,964

​

​

$838,972

​

​

$781,537

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash Net Operating Income (Cash NOI)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Operating Income

​

​

$901,964

​

​

$838,972

​

​

$781,537

​

​

​

​

​

​

​

​

​

​

Straight-line rental revenue

​

​

(21,813)

​

​

(34,359)

​

​

(9,693)

Straight-line rental expense

​

​

(1,423)

​

​

(140)

​

​

24

Above- and below-market rent amortization

​

​

(1,007)

​

​

(972)

​

​

(706)

​

​

​

​

​

​

​

​

​

​

Cash Net Operating Income

​

​

$877,721

​

​

$803,501

​

​

$771,162

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Constant Currency Core FFO Reconciliation

​

Three Months Ended

(in thousands, except per share data)

​ ​ ​

31-Mar-26

​ ​ ​

​

​ ​ ​

31-Mar-25

​

​

​

​

​

​

​

Core FFO (1)

​

​

$716,071

​

​

​

​

​

$608,354

Core FFO impact of holding '25 Exchange Rates Constant (2)

​

​

(26,418)

​

​

​

​

​

—

​

​

​

​

​

​

​

​

​

​

Constant Currency Core FFO

​

​

$689,653

​

​

​

​

​

$608,354

Weighted-average shares and units outstanding - diluted

​

​

351,293

​

​

​

​

​

343,050

Constant Currency Core FFO Per Share

​

​

$1.96

​

​

​

​

​

$1.77

​

​

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.

​

​

29

Table of Contents

Forward-Looking Statements

Financial Supplement

​

​

First Quarter 2026

​

​

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation capacity, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

● reduced demand for data centers or decreases in information technology spending;

● decreased rental rates, increased operating costs or increased vacancy rates;

● increased competition or available supply of data center capacity;

● the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;

● breaches of our obligations or restrictions under our contracts with our customers;

● our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties;

● the impact of current global and local economic, credit and market conditions;

● increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;

● the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;

● the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;

● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;

● changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;

● our inability to retain data center capacity that we lease or sublease from third parties;

● information security, cyberattacks, security breaches and data privacy breaches;

● difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;

● our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;

● our failure to successfully integrate and operate acquired or developed properties or businesses;

● difficulties in identifying properties to acquire and completing acquisitions;

● risks related to joint venture investments, including as a result of our lack of control of such investments;

● risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;

● our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;

● financial market fluctuations and changes in foreign currency exchange rates;

● adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;

● our inability to manage our growth effectively;

● losses in excess of our insurance coverage;

● our inability to attract and retain talent;

● environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

● our inability to comply with rules and regulations applicable to our company;

● Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes;

● Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes;

● restrictions on our ability to engage in certain business activities;

● changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and

● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

30

EX-99.2

EX-99.2

Filename: dlr-20260423xex99d2.htm · Sequence: 3

Exhibit 99.2

Global. Connected. Sustainable.

1Q26 FINANCIAL

RESULTS

April 23, 2026

The meeting place for companies,

technologies and data

5,500+

Customers

234,000+

Cross Connects

55+

Metros

300+

Data Centers

Capacity

Host What You Need,

How You Need

Coverage

Deploy Where You

Need

Connectivity

Connect How You Need

to Whom You Need

Control

Implement and Operate

the Way You Need

1Q26 Financial Results 2

Executing on Key Strategic Priorities

Positioned for Long-Term Sustainable Growth

Note: As of March 31, 2026. Includes investments in unconsolidated entities.

1) Core FFO per share and Same-Capital Cash NOI are non-GAAP financial measures. For definitions and reconciliations to their nearest GAAP equivalents, see the Appendix.

Strong

Operating Results

15%

Y/Y Growth in

Core FFO per Share(1)

8%

Y/Y Growth in

Same-Capital Cash NOI

Bottom Line Growth

1) Milan, Italy

2) Sofia, Bulgaria

3) Cyberjaya, Malaysia

1+ GW

Increase in Land Bank

Expanding

Connectivity Footprint

3 Strategic

Market Entries

(1)

$1.8B

Backlog at 100% Share

$707M

Bookings at 100% Share

$423M

Bookings at DLR Share

3

Offering a Global Data Center Platform

Capacity in Major Metros to Meet Growing Customer Demand

Global Capacity

~6 GW

Future Development IT Capacity

1Q26 Financial Results

~3 GW

In-Place IT Capacity

Note: As of March 31, 2026.

~9 GW

Total Data Center IT Capacity

Note: As of March 31, 2026. Totals reflect Consolidated and Unconsolidated facilities at 100% Share. Totals may not add due to rounding.

Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction.

4

>5 GW

Future Development Capacity

= >25MWs and <100 MWs of Buildable Capacity

= <25MWs of Buildable Capacity

= >100MWs of Buildable Capacity

Development Capacity

For Growing Cloud and AI Workloads

Future

>6 G

Development Capacity

W

60%

30%

10%

>100 MW < 100 MW and > 25 MW < 25 MW

CAPACITY BLOCKS

1Q26 Financial Results

~1.2 GW

Under Construction

1Q26

Financial

Results

1Q26 Financial Results 5

1Q26 Financial Results 6

Enabling the Meeting Place

Another Record Quarter of 0-1MW + IX Bookings

116

New Logos Added

$98M

Bookings from

0-1MW + Interconnection

42%

Y/Y Growth in Bookings from

0-1 MW + Interconnection

1Q26 Results

Note: Metrics presented at Digital Realty’s share.

Note: Totals may not add up due to rounding.

1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

1Q26 BOOKINGS AT DLR SHARE

HISTORICAL BOOKINGS

ANNUALIZED GAAP BASE RENT

$ in millions

Strong Demand

Environment

0-1 MW

$78.9M

19% of total bookings

INTERCONNECTION

$18.6M

4% of total bookings

>1 MW

$324.5M

77% of total bookings

OTHER(1)

$0.7M

>1% of total bookings

TOTAL BOOKINGS

$422.8M

1Q26 Financial Results 7

0-1MW Interconnection >1 MW Other (1)

• Record $98M Bookings

in 0-1MW + IX Category

• Largest Lease in DLR

History

• $707M Total Bookings at

100% Share

$75

$150

$225

$300

$375

2022 2023 2024 2025 YTD 2026

Partner Share

$50

$250

$450

$650

$850

$1,050

$1,250

2022 2023 2024 2025 YTD 2026

Note: Totals may not add up due to rounding.

1) Amounts shown represent GAAP annualized base rent from leases signed.

2) Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non-material reconciling items.

3) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement

dates may vary.

BACKLOG ROLL-FORWARD (1)

$ in millions

Consolidated Digital Realty Backlog Unconsolidated Entities Backlog, at DLR Share

COMMENCEMENT TIMING (3)

$ in millions

1Q26 Financial Results 8

$543M

$369M

$157M

$752M

$817M

$423M $204M

$1,032M

4Q25 Backlog Signed Commenced 1Q26 Backlog (2)

• Backlog Represents

23% of in-place

Annualized Rent

• Record Total Backlog of

$1.8B at 100% Share

Record Backlog

Multi-Year Visibility

$375M

$154M

$222M

$751M

$544M

$247M

$242M $1,032M

2026 2027 2028+ 1Q26 Backlog

Robust Pricing

Environment

Attractive Renewal

Spreads

1Q26 RENEWAL SPREADS

0-1 MW > 1 MW OTHER (1) TOTAL

81%

of total renewals

17%

of total renewals

2%

of total renewals

Signed renewals

representing

$193 million

of annualized

rental revenue

RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE

5.1%

7.4%

GAAP

Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet.

Signed renewals amounts represent cash annualized rental revenue.

1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

4.3%

CASH

GAAP

CASH

10.3%

16.6%

CASH

26.1%

GAAP

5.0%

CASH

6.3%

GAAP

1Q26 Financial Results 9

• Renewals Skewed

Toward 0-1 MW Category

• Increased Full-Year

Renewal Spread

Guidance

Revenue Exposure

by Currency

Currency Tailwinds 1% 5%

24%

4%

49%

<1%

2%

5%

2026E $8.05 / Sh

1%

SOFR

+/-

100bps

+0%

GBP

+/- 10%

2%

EUR

+/- 10%

CORE FFO/SHARE EXPOSURE (2)

EXPOSURE BY REVENUE (1)

Note: Totals may not add up due to rounding.

1) As of March 31, 2026. Includes Digital Realty’s share of revenue from unconsolidated entities.

2) Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix. 1Q26 Financial Results 10

2%

<1%

• Local Operations Funded

in Local Currencies Act as

a Natural Hedge

• FX Benefit in 1Q

<1%

<1%

1Q25 1Q26

U.S. DOLLAR INDEX

SGD

4%

USD EURO ZAR GBP

24% 5% 5%

OTHER

<1%

CHF

49% 2% 1%

BRL CAD

2%

JPY

2%

<1%

<1%

<1%

2%

Apr-26

<1%

<1%

<1%

<1%

85

90

95

100

105

110

115

Jan-25 Apr-25 Jul-25 Oct-25 Jan-26

Matching the Duration of Assets and Liabilities

Modest Near-Term Maturities, Well-Laddered Debt Schedule

DEBT MATURITY SCHEDULE AS OF MARCH 31, 2026 (1)(2)

(U.S. $ in billions)

Note: As of March 31, 2026.

1) Includes Digital Realty’s pro rata share of unconsolidated entities’ loans and debt securities.

2) Assumes exercise of extension options.

3) Includes impact of cross-currency swaps.

DEBT PROFILE

95%

Unsecured

Unsecured

Secured

85%

Non-USD

Euro

USD

GBP

Other

93%

Fixed

Fixed

Floating

1Q26 Financial Results

(3)

4.7 YEARS

Weighted Avg.

Maturity (1)(2)

11

$0.4

$1.9

$3.0 $3.1 $3.1

$1.8 $1.9 $1.9

$1.0

$1.9

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+

Unsecured Credit Facilities Unsecured Convertible Notes Unsecured Green Senior Notes - EUR

Unsecured Green Senior Notes - CHF Other Unsecured Debt Unsecured Senior Notes - CHF

Euro Term Loan Unsecured Senior Notes - GBP Pro Rata Share of JV Debt

Secured Mortgage Debt Unsecured Senior Notes - USD Unsecured Senior Notes - EUR

R

€

₣

2.8%

Weighted Avg.

Coupon (1)

¥ $

$ €

¥ $ € R$

¥ R$

¥ $ R$

2026 Financial Guidance Update

Improving Core Growth

(1) (3)

1Q26 Financial Results 12

As of February 5, 2026 As of April 23, 2026 Better/Worse

Total Revenue $6,600 – $6,700 $6,650 - $6,750

Adjusted EBITDA $3,600 – $3,700 $3,650 - $3,750

Rental Rates on Renewals Leases (Cash) 6.0% – 8.0% 6.5% - 8.5%

Year-End Portfolio Occupancy +50 – 100 bps +50 – 100 bps

Same-Capital Cash NOI Growth 4.0% – 5.0% 4.0% – 5.0%

Core FFO per Share $7.90 – $8.00 $8.00 – 8.10

Constant Currency Core FFO per Share $7.90 – $8.00 $7.95 – 8.05

(1)

Note: Dollars in millions except Core FFO per Share. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, as it is unable to provide a meaningful or accurate calculation or estimation of reconciling items

and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the

most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items, such as debt issuances, that have not yet occurred, are out of the Company's control

and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable

GAAP financial measures may vary materially from the corresponding GAAP financial measures.

1) Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO Per Share, and Constant-Currency Core FFO per Share are non-GAAP financial measures. For definitions and reconciliations of these measures to their nearest GAAP equivalents,

see the Appendix.

2) Year-end portfolio occupancy guidance based on IT load (kW).

3) Presented on a constant currency basis.

(1)

(1)

(2)

Diversifying

and Bolstering

Capital

Sources

Strengthening

Customer

Value

Proposition

Innovating

and

Integrating

Consistent Execution on Strategic Vision

Delivering Strong Results, Seeding Future Growth

• $707M Bookings, at 100% share

• Record Bookings from 0-1MW+IX

• 116 New Logos

• Record $1.8B Backlog, at 100%

share

• ServiceFabric® Expansion to 733 Data

Centers and 39 Metros Globally

• Expanded our footprint in Bulgaria, Italy,

and Malaysia

• Acquiring Adjacent Land Parcels for

Hyperscale Development

• Record Core FFO per Share and

Double Digit Revenue Growth

• Net Debt to Adjusted EBITDA at 4.7x

• Growing Private Capital Platform

First Quarter of 2026 Accomplishments

Note: Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix.

1Q26 Financial Results 13

Appendix

1Q26 Financial Results 14

Appendix

Management Statements on Non-GAAP Measures

1Q26 Financial Results 15

The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures

may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an

alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net

income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of

deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management

uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it

provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by

investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market

conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and

results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be

considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year

over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment

and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because

certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and

accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental

performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related

depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for

impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently

used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs,

such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently

than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in

accordance with GAAP as a measure of our financial performance.

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of

operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent

amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and

capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of

which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our

NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Same–Capital Cash NOI:

Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in

2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool).

Appendix

Forward-Looking Statements

This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and

results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ; Data

Gravity Index DGx ; public cloud services spending; the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our

products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for

leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and

targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of

leases; our backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on

investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results including guidance, and the assumptions underlying

such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases

and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; access to power; market forecasts;

projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to

fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,”

“intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such

statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected

by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated,

estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for

data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center capacity; the suitability of our data centers and data center

infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to

successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; increased tariffs, global supply chain or procurement

disruptions, or increased supply chain costs; the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; the impact on our customers’

and our suppliers’ operations during an epidemic, pandemic, or other global events; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by

customers; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; our inability to retain data center capacity that we lease or sublease from third

parties; information security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our

plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing

acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due,

adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations

and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible

asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for

U.S. federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and

regulations, including related to taxation, real estate and zoning laws and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2024, and other

filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is

not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any

forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered

Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx),among others, are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States

and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

1Q26 Financial Results 16

Reconciliation of

Non-GAAP Items

To Their Closest GAAP

Equivalent

1Q26 Financial Results 17

March 31, 2026 March 31, 2025

Net income available to common stockholders $ 169,093 $ 99,793

Adjustments:

Noncontrolling interests in operating partnership 4,000 3,000

Real estate related depreciation and amortization (1) 490,965 432,652

Depreciation related to non-controlling interests (23,726) (19,480)

Real estate related depreciation and amortization related to investment in

unconsolidated entities 60,291 55,861

(Gain) loss on real estate transactions (226) (1,111)

Provision for impairment - -

FFO available to common stockholders and unitholders $ 700,397 $ 570,715

Basic FFO per share and unit $ 2.00 $ 1.67

Diluted FFO per share and unit $ 1.99 $ 1.67

Weighted average common stock and units outstanding

Basic 351,059 342,594

Diluted 359,300 350,632

(1) Real estate related depreciation and amortization was computed as follows:

Depreciation and amortization per income statement 499,511 443,009

Non-real estate depreciation (8,546) (10,356)

$ 490,965 $ 432,652

March 31, 2026 March 31, 2025

FFO available to common stockholders and unitholders -- basic and diluted $ 700,397 $ 570,715

Weighted average common stock and units outstanding 351,059 342,594

Add: Effect of dilutive securities 234 456

Weighted average common stock and units outstanding -- diluted 351,293 343,050

Three Months Ended

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)

(in thousands, except per share and unit data)

(unaudited)

Three Months Ended

Reconciliation of

Non-GAAP Items

To Their Closest GAAP

Equivalent

1Q26 Financial Results 18

March 31, 2026 March 31, 2025

FFO available to common stockholders and unitholders -- diluted $ 700,397 $ 570,715

Other non-core revenue adjustments (29) (1,925)

Transaction and integration expenses 15,685 39,902

Gain (loss) on debt extinguishment and modifications 4,119 -

Severance, equity acceleration and legal expenses 2,835 2,428

(Gain) / Loss on FX and derivatives revaluation (4,398) (2,064)

Other non-core expense adjustments (2,538) (702)

CFFO available to common stockholders and unitholders -- diluted $ 716,071 $ 608,354

CFFO impact of holding '25 Exchange Rates Constant (26,418) -

Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 689,653 $ 608,354

Diluted CFFO per share and unit $ 2.04 $ 1.77

Diluted Constant Currency CFFO per share and unit $ 1.96 $ 1.77

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)

(in thousands, except per share and unit data)

(unaudited)

Three Months Ended

Reconciliation of

Non-GAAP Items

To Their Closest GAAP

Equivalent

1Q26 Financial Results 19

March 31, 2026 March 31, 2025

Net income available to common stockholders $ 169,093 $ 99,793

Interest expense 116,384 98,464

(Gain) loss on debt extinguishment and modifications 4,119 -

Income tax expense (benefit) 16,008 17,135

Depreciation and amortization 499,511 443,009

EBITDA 805,115 658,400

Unconsolidated JV real estate related depreciation & amortization 60,291 55,861

Unconsolidated JV interest expense and tax expense 35,814 33,390

Severance, equity acceleration and legal expenses 2,835 2,428

Transaction and integration expenses 15,685 39,902

(Gain) loss on disposition of properties, net (873) (1,111)

Provision for impairment - -

Other non-core adjustments, net (4,270) (4,316)

Noncontrolling interests (4,470) (3,579)

Preferred stock dividends 10,181 10,181

Adjusted EBITDA $ 920,307 $ 791,156

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

(in thousands)

(unaudited)

Three Months Ended

Reconciliation of

Non-GAAP Items

To Their Closest GAAP

Equivalent

1Q26 Financial Results 20

March 31, 2026 March 31, 2025

Rental revenues $ 849,758 $ 782,759

Tenant reimbursements - Utilities 268,277 230,584

Tenant reimbursements - Other 30,553 31,987

Interconnection and other 99,250 89,200

Total Revenue 1,247,838 1,134,531

Utilities 297,775 263,053

Rental property operating 207,957 186,069

Property taxes 42,551 38,363

Insurance 5,474 4,919

Total Expenses 553,758 492,404

Net Operating Income $ 694,080 $ 642,127

Less:

Stabilized straight-line rent $ 1,566 $ 51

Above and below market rent 637 565

Same Capital Cash Net Operating Income $ 691,877 $ 641,511

Same Capital Cash NOI impact of holding '25 Exchange Rates Constant (34,220) -

Constant Currency Same Capital Cash Net Operating Income $ 657,658 $ 641,510

March 31, 2026 March 31, 2025

Total operating revenues $ 1,635,173 $ 1,407,637

less:

Proforma disposition adjustment (982) (40,521)

plus:

Constant currency adjustment (26,418) -

Total operating revenues (as adjusted) $ 1,607,773 $ 1,367,116

Three Months Ended

Three Months Ended

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Same Capital Cash Net Operating Income

(in thousands)

(unaudited)

Reconciliation of

Non-GAAP Items

To Their Closest GAAP

Equivalent

1Q26 Financial Results 21

Total Debt/Total Enterprise Value QE 3/31/26

Market value of common equity(i) $ 64,013,656

Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 142,540

Total debt at balance sheet carrying value 17,996,633 Add: Capitalized interest 35,637

Total Enterprise Value $ 82,765,289 GAAP interest expense plus capitalized interest 178,177

Total debt / total enterprise value 21.7%

Debt-plus-preferred-to-total-enterprise-value 22.7% Debt Service Ratio 5.2x

(i) Market Value of Common Equity

Common shares outstanding 348,924

Common units outstanding 6,293 QE 3/31/26

Total Shares and Partnership Units 355,217 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)

Stock price as of March 31, 2026 $ 180.21

Market value of common equity $ 64,013,656 GAAP interest expense plus capitalized interest 178,177

Preferred dividends 10,181

(ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 188,358

Shares O/S Liquidation Value

Series J Preferred 8,000 200,000 Fixed charge ratio 4.9x

Series K Preferred 8,400 210,000

Series L Preferred 13,800 345,000

755,000 (iv) QE 3/31/26

Unsecured Debt/Total Debt

Net Debt/LQA Adjusted EBITDA

QE 3/31/26 Global unsecured revolving credit facility 707,961

Total debt at balance sheet carrying value $ 17,996,633 Unsecured term loans 432,450

Add: DLR share of unconsolidated joint venture debt 2,038,470 Unsecured senior notes, net of discount 16,013,977

Add: Finance lease obligations, net 330,916 Secured debt, including premiums 842,245

Less: Unrestricted cash (2,968,387) Finance lease obligations, net 330,916

Net Debt as of March 31, 2026 $ 17,397,631 Total debt at balance sheet carrying value 18,327,549

Net Debt / LQA Adjusted EBITDA(iii) 4.7x Unsecured Debt / Total Debt 95.4%

(iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 3/31/26

Net Income (Loss) Available to Common Stockholders $ 169,093 Total debt at balance sheet carrying value 17,996,633

Interest expense 116,384 Less: Unrestricted cash (2,968,387)

(Gain) loss on debt extinguishment and modifications 4,119

Income tax expense (benefit) 16,008 Finance lease obligations, net 330,916

Depreciation and amortization 499,511 DLR share of unconsolidated joint venture debt 2,038,470

EBITDA 805,114 Net Debt as of December 31, 2025 17,397,631

Preferred Liquidation Value (iv) 755,000

Unconsolidated JV real estate related depreciation & amortization 60,291 Net Debt plus preferred 18,152,631

Unconsolidated JV interest expense and tax expense 35,814

Severance accrual and equity acceleration and legal expenses 2,835 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 4.9x

Transaction and integration expenses 15,685

(Gain) / loss on sale of investments (873)

Provision for impairment -

Other non-core adjustments, net (4,270)

Noncontrolling interests (4,470)

Preferred stock dividends 10,181

Adjusted EBITDA $ 920,307

LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 3,681,228

Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility

fees)

Note: For quarter ended March 31, 2026

Thank you

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d1001.jpg · Sequence: 4

Binary file (210036 bytes)

Download dlr-20260423xex99d1001.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d1003.jpg · Sequence: 5

Binary file (1857 bytes)

Download dlr-20260423xex99d1003.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d1005.jpg · Sequence: 6

Binary file (1732 bytes)

Download dlr-20260423xex99d1005.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d1022.jpg · Sequence: 7

Binary file (1743 bytes)

Download dlr-20260423xex99d1022.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g001.jpg · Sequence: 8

Binary file (131861 bytes)

Download dlr-20260423xex99d2g001.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g002.jpg · Sequence: 9

Binary file (149612 bytes)

Download dlr-20260423xex99d2g002.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g003.jpg · Sequence: 10

Binary file (144315 bytes)

Download dlr-20260423xex99d2g003.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g004.jpg · Sequence: 11

Binary file (128858 bytes)

Download dlr-20260423xex99d2g004.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g005.jpg · Sequence: 12

Binary file (76804 bytes)

Download dlr-20260423xex99d2g005.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g006.jpg · Sequence: 13

Binary file (160995 bytes)

Download dlr-20260423xex99d2g006.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g007.jpg · Sequence: 14

Binary file (122103 bytes)

Download dlr-20260423xex99d2g007.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g008.jpg · Sequence: 15

Binary file (136578 bytes)

Download dlr-20260423xex99d2g008.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g009.jpg · Sequence: 16

Binary file (136473 bytes)

Download dlr-20260423xex99d2g009.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g010.jpg · Sequence: 17

Binary file (131786 bytes)

Download dlr-20260423xex99d2g010.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g011.jpg · Sequence: 18

Binary file (140374 bytes)

Download dlr-20260423xex99d2g011.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g012.jpg · Sequence: 19

Binary file (163751 bytes)

Download dlr-20260423xex99d2g012.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g013.jpg · Sequence: 20

Binary file (183162 bytes)

Download dlr-20260423xex99d2g013.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g014.jpg · Sequence: 21

Binary file (78905 bytes)

Download dlr-20260423xex99d2g014.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g015.jpg · Sequence: 22

Binary file (292353 bytes)

Download dlr-20260423xex99d2g015.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g016.jpg · Sequence: 23

Binary file (398035 bytes)

Download dlr-20260423xex99d2g016.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g017.jpg · Sequence: 24

Binary file (104090 bytes)

Download dlr-20260423xex99d2g017.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g018.jpg · Sequence: 25

Binary file (99110 bytes)

Download dlr-20260423xex99d2g018.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g019.jpg · Sequence: 26

Binary file (101188 bytes)

Download dlr-20260423xex99d2g019.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g020.jpg · Sequence: 27

Binary file (94696 bytes)

Download dlr-20260423xex99d2g020.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g021.jpg · Sequence: 28

Binary file (126064 bytes)

Download dlr-20260423xex99d2g021.jpg

GRAPHIC

GRAPHIC

Filename: dlr-20260423xex99d2g022.jpg · Sequence: 29

Binary file (19570 bytes)

Download dlr-20260423xex99d2g022.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 35

v3.26.1

Cover Page

Apr. 23, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 23, 2026

Entity File Number

001-32336

Entity Registrant Name

DIGITAL REALTY TRUST, INC.

Entity Incorporation, State or Country Code

MD

Entity Tax Identification Number

26-0081711

Entity Address, Address Line One

601 West 2nd Street,

Entity Address, City or Town

A

Entity Address, State or Province

TX

Entity Address, Postal Zip Code

78701

City Area Code

7

Local Phone Number

281-0

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001297996

Amendment Flag

false

Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock

Trading Symbol

DLR

Security Exchange Name

NYSE

Series J Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Series J Cumulative Redeemable Preferred Stock

Trading Symbol

DLR Pr J

Security Exchange Name

NYSE

Series K Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Series K Cumulative Redeemable Preferred Stock

Trading Symbol

DLR Pr K

Security Exchange Name

NYSE

Series L Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Series L Cumulative Redeemable Preferred Stock

Trading Symbol

DLR Pr L

Security Exchange Name

NYSE

X

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

na

Period Type:

duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type:

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=dlr_SeriesJPreferredStockMember

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type:

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=dlr_SeriesKPreferredStockMember

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type:

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=dlr_SeriesLPreferredStockMember

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type: